Monday, February 23, 2009

WSJ Article Re: Small Business Facing More Fraud In Downturn

Our clients are primarily small to medium size businesses. They are especially vulnerable to fraud by trusted employees or business partners. In addition, when business times are tough they may be more susceptible to fraudulent business schemes. On February 19, 2009, the Wall Street Journal ran an article entitled "Small Businesses Face More Fraud In Downturn." See:

This article is an excellent reminder to our clients that often the largest exposure they have is from their own trusted employees or business partners. As part of a business compliance plan, they should review bank statements every month, review the front and back of cancelled checks, have an accountant or book keeper reconcile bank accounts, keep an eye on business expenses and invoices, review payroll reports, do monthly or quarterly reviews which can be inexpensive and have a team (accountant and lawyer) on board to help advise your business.

Any questions or comments should be directed to: Tracy Green is a principal at Green and Associates in Los Angeles, California.


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