Small businesses are often considered high risk by banks. Even if they are thrifty and focused on core operations, it can be daunting when the owners' personal finances are heavily involved. Small businesses can be very uniquie, but that doesn't mean they can't learn from big-business practices.
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Topics: Commercial Lenders, Commerical Lenders, Small Business, Uncategorized
Fraud is commonplace and can happen to any business, as evidenced by the frequent news stories on the subject. Though business owners have developed a heightened awareness of the potential for fraud, the 2016 Global Fraud Study by the Association of Certified Fraud Examiners (ACFE) revealed that the impact on businesses continues to grow. For some perspective, try to absorb that the total loss reflected in the 2016 study of just 2,410 reported cases was $6.3 billion, with median loss for all U.S. cases at $120,000 and 23.2% of cases causing losses of $1 million or more.
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Topics: Fraud Checklist, Fraud Detection, Fraud Prevention, Small Business, Uncategorized