Skip to main content

Blog

Welcome to Numetrica's Blog — your hub for expert insights on accounting, bookkeeping, finance, and business strategies.
3 minutes reading time (536 words)

Occupational Frauds and How to Prevent Them?

The worst nightmare of a boss – an employee is unsatisfied with his workplace and chooses to cheat or rob the company. There are several tales of these crimes being committed by workers and causing tremendous harm. You can lead a satisfied and efficient workforce by identifying signs of workplace fraud, and enforcing procedures to prevent it.

Many forms of fraud indeed exist, but not many know much about work fraud. Why is it so necessary for firms to properly defend themselves? What is occupational fraud?

Occasionally, occupational fraud is called in-house fraud, but also refers to workplace or management fraud, and against the corporation.

There are three common operating fraud groups.

1. Corruption

This is perhaps the most common form of job theft. Examples cover blackmail, bribes and kickbacks. Corruption, however, might not be the most prevalent form of job fraud, nor is it on average the most expensive for corporations.

2. Asset misappropriation

Deployment, skimming, bribery and larceny, among other examples, are the most prevalent type of workplace fraud (false sales and shipping, stealing of office equipment, etc.).

3. Financial statement fraud

This is probably the least prevalent cause of occupational theft, but it’s definitely the most expensive for corporations. Examples include misrepresentations, fake profits and incorrect valuations of properties.

Based on their attempts to introduce firewalls, warning systems and encrypted system access, companies are also centered on external threatening issues. Yet work theft is more prevalent and causes companies more financial damage than third-party fraud. Better controls and security mechanisms must be introduced by companies to prevent workplace theft.

Affect of Occupational Fraud on Small Businesses:

It is important to remember that all organizations, whether strategically organized or opportunistic, have a susceptibility to fraud, regardless of their size or influence. However, small companies tend for a variety of reasons to be in a higher risk group.

Usually, small companies have less money than big businesses to devote to fraud controls. Not just that, smaller companies usually have greater faith in their workers, which makes them impractical to spend extra capital.

As per the ACFE 2018 National Report, vulnerability of small businesses lose to occupational theft is much greater than big businesses! Furthermore, they are nearly seventy percent more likely to face fraud due to a less control in small companies than in big corporations.

One fact, that took me on surprised, is that the owner/official person of a small enterprise (fewer than 100 workers) is almost twice more likely to fraud than a large enterprise.

Tips for Business Corporations to prevent themselves from Fraud:

To strengthen controls in your company it is important to follow a calculated and strategic approach. Too fast, risks alienating the staff and providing a sense of mistrust. My recommendation is to continue with training of workers on office education and fraud, first for supervisors, then for personnel. Fixing the atmosphere at the top, and implementing an anti-fraud program implies that management takes the company seriously, and protects its staff throughout this aspect.

it is necessary to keep a track record of your employees  – do they a life, which they cannot afford? Are they get unusually close to those distributors or suppliers? Does management have an unjust sense of undue responsibility to meet results without ample support? There are some of the red flags of conduct that might be of superior concern.

×
Stay Informed

When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.

The 3 Pillars of Mastering Cash Flow Management
Want to Be More Productive like a Superhero? Try D...
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Monday, 20 May 2024

One-Stop Shop for Accounting
and Bookkeeping in Ottawa

Frequently Asked Questions - FAQs

Does Numetrica offer tax services for small businesses in Ottawa?

Absolutely! Numetrica is your expert small business accountant in Ottawa, dedicated to providing exceptional tax services tailored for the unique needs of small businesses. We are committed to delivering expert tax preparation, accurate filing, and insightful strategic planning. Our tax services are designed to efficiently minimize tax liabilities and enhance deductions, ensuring that your small business not only adheres to the latest tax regulations but also optimizes financial opportunities.

What makes Numetrica different from other accounting firms in Ottawa?

Numetrica stands out as a leader among accounting firms in Ottawa for our personalized approach & comprehensive expertise in accounting & bookkeeping services. We focus on building long-term relationships with our clients, offering customized solutions that evolve with your business.

What accounting services does Numetrica offer in Ottawa?

Numetrica provides a comprehensive range of bookkeeping and accounting services in Ottawa, including financial statement preparation, tax planning, payroll services, and business coaching.

Our Ottawa accounting firm specializes in both personal tax and corporate tax services, providing tailored solutions to meet the specific needs of your business or personal finances. Whether you're a growing business seeking robust corporate tax strategies or an individual in need of personalized tax guidance, Numetrica is equipped to deliver excellence.

How can Numetrica's bookkeeping services benefit my business in Ottawa?

Our bookkeeping services in Ottawa offer meticulous record-keeping and financial analysis, helping you make informed decisions, maintain cash flow, and streamline your financial processes. We use the latest software and practices to ensure your finances are managed efficiently.

How much does bookkeeping cost in Ottawa?

The cost of bookkeeping services in Ottawa can vary widely depending on several factors such as the size of your business, the volume of transactions, the complexity of your financial needs, and the level of expertise required.

Contact us detailed quote based on your specific business needs. Remember, investing in professional bookkeeping can save you time and money in the long run by ensuring accurate financial records and compliance with tax laws.

Numetrica Accounting

Awards / Featured On

CPA - Chartered Professional Accountants
Rotessa
Wagepoint

Reviews

Check what some of our clients are saying about our services.
  • Samantha Biron

    I highly recommend Moe Tabesh. His service is phenomenal, to say the least. His tax knowledge is extensive and he’s been able to save me a substantial amount of money by following his recommendations. In addition, he is warm, kind, understanding, positive, and flexible, which are qualities I find rare in most accountants I’ve worked with. You’re in good hands with Moe, I can’t recommend him enough.

    Samantha Biron

    President and Founder, Find Your Tribe
  • Jeremy Prudhomme

    Moe and everyone at Numetrica have been incredible at helping with my new corporation and corporate and personal tax returns and my other small business. Their accounting skills are out of this world and the technology they use makes everything so simple and fast. The time you will save will be worth every penny. Thanks again Moe for all your help!

    Jeremy Prudhomme

    CEO, Jeeman TV
  • Farshid Dehnavi

    Mr Tabesh (Captain Number Cruncher) and his perfect team are not only professional in their fields, they are extremely passionate about their clients! Numetrica City continues to support us with corporate and personal tax returns, bookkeeping (thank you so much Sherry ) and We are so happy and appreciative for you and your responsible team, Moe!!!
    I really recommend these guys to everybody.

    Farshid Dehnavi

    President and CEO, Ink Plus
  • Keddy Declan

    I did my first Corporate tax return and cloud accounting with Numetrica City and I am very satisfied with the work they did. The team was very responsive and answered all my questions. I 1000% recommend their services.

    Keddy Declan

    CEO , IT Referrals
  • Sibeso Kehinde

    I would highly recommend Numetrica City-Accountants, Tax and Bookkeepers. Exceptional customer service. I am assured that all my company tax services and payroll are taken care of because of the great team that Moe has. I like the fact that I do not have to worry about driving to a physical location for my accounting services, my company's accounting tax preparations are done online due to the excellent cloud service Numetrica City has. Definitely score a10/10. Thank you for all the good work that you guys do. Greatly appreciated!

    Sibeso Kehinde

    OUR PROCESS

    Discovery

    Discovery

    We’d love to hear about your goals and aspirations. After understanding the big picture, we’ll dig into the details of your bookkeeping process so we can assess your needs.
    Proposal

    Proposal

    Once we understand your needs, we’ll send over a proposal that outlines our plan for tackling your challenges and a fixed monthly price for those bookkeeping services.
    Set-up

    Set-up

    Once you accept our proposal, we’ll get your bookkeeping tidied and up to date and begin implementing cloud accounting tools that will ensure proper bookkeeping going forward.
    Get Connected

    Get Connected

    Once the set-up is done, the hard part is over. You’ll be connected to your CPA-level bookkeeper and they will become your main point of contact.
    Reviews

    Reviews

    Once the clean up is done, the hard part is over. You’ll get connected to your bookkeeper and he/she will become your main point of contact. Don’t worry, we only select the best CPA or CPA students.

    Your Unfair Advantage

    Stay up-to-date on the latest accounting news, tax updates, and financial tips. Stay ahead of the game and make informed financial decisions with our expert insights and analysis. Sign up now to start receiving our newsletter!

    Join our family

    Clients

    Carling Dental
    David Pratt
    Vitallab Solutions
    iHotWeb
    Smiles by Pocock
    Jeeman
    Samuel Associates
    Downtown Dental
    Numetrica

    Trust in the superhero accountants of Numetrica to keep your numbers in order and for expert advice on growing your business. Numetrica specializes in providing clients with in-depth accounting and bookkeeping services in Canada and the United States as well as financial advice to assist you in making the right decisions for your business.