Financial Infidelity Is it Impacting Your Business?

He is Victoria’s forensic financial expert Glenn Talbot, and he is helping stop financial infidelity in business.  

Internal theft costs organizations worldwide an estimated 5 percent of their annual revenues, according to the Association of Certified Fraud Examiners. Price Waterhouse Cooper’s 2018 Global Economic Crime and Fraud Survey finds that 49% of global organizations say economic crime has been experienced by them in the past two years. People inside the organization perpetrate 52% of all frauds. A scary thought, and what about those that aren’t aware? Who is cheating the system, stealing money and why?

“If someone had the mindset and considered it, they will look at the system and find a gap, like a burglar, find a weak spot and use that. Look at what numbers the business has been doing on a regular basis, I always suggest doing this monthly and look for anomalies. Leaving it longer can be risky and so damaging. Often small businesses never fully recover from employee theft in the thousands or even hundreds of thousands because of the impact it has on cash flow, not to mention the emotional impact” says Glenn.

Whilst Glenn is a trained expert he says there are things you can be doing to assist prevention and early identification of theft. Employee theft investigation needs to be swift and effective, says Glenn.

“One method we see time and time again is false invoices, someone pays cash and the person stealing will put that money aside and throw away the invoice or delete it. It is when a customer returns for some reason with an invoice that cannot be located, that alarm bells should ring.”

The successful Geelong bookkeeper also says it is important not to make accusations, as you will require proof that a crime has been committed.

“Confidentiality is also crucial, as often a business owner is in denial, someone they trust or have let in their inner ranks might be betraying them, and it can make them feel silly, or naive. However we know from the latest statistics, financial infidelity is high, it can happen to anyone. If you suspect something might be going on, don’t ignore that instinct” says Glenn.

To find out more how you can Fraud proof your business, protect against theft or if you suspect financial infidelity you can contact Glenn at http://www.gtsbookkeeping.com.au

About Glenn Talbot: 

Glenn Talbot is passionate about business and helping business people to thrive. There are many drivers behind business success. Glenn believes that a deep dive into what is driving your business helps to discover and understand what you want the business to be and where you want it to go. Developing a plan that is fluid and in alignment with the latest business strategies and making sure you are adequately capitalized is crucial. With a broad cache of qualifications in business management, bookkeeping services Glenn has over a decade’s experience in helping business to thrive. Knowledge is power and Glenn’s belief in serving others with integrity and motivation has proven itself in the success of those he works with.

Contact Information

Glenn Talbot

Business Manager

GTS Bookkeeping

Glenn@gtsbookkeeping.com.au