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A recent report gave the shocking news that British businesses lost at least £40m last year from frauds carried out by their own employees.
It’s estimated that the worst area for employee fraud was in the Greater London area with £7m worth of crime being committed in 2016/17. Worryingly, Essex businesses were hit by the third-highest losses, at £4.4m. Here at Nordens, we’re based on the edge of Essex and within Greater London but, pleased to say, we have no history of employee fraud in our offices!
The number of fraud cases has risen steadily over the last decade according to a fraud prevention body. However, the true extent of losses may be significantly higher, as the Office for National Statistics reports that crime surveys of England and Wales show a much higher incidence of fraud than official reporting figures give us.
These types of fraud encompass problems such as staff stealing cash from their company to the manipulation of third-party accounts held by friends or families. While the report didn’t set out the reasons for the fraud, it’s likely that these criminals were motivated by ‘greed, lifestyle aspirations, debts or addictions.’
It’s been suggested that businesses could do more to protect their finances from potential attacks. Are your finances secure or could there be weaknesses that allow profits to filter into the wrong hands without anyone noticing?
Our clients receive more than a simple number-crunching service. We can look into the whole of your business operations to wheedle out anomalies in your accounts and help you stay in control of your business. Call us on 020 8530 0720 to find out more, or email firstname.lastname@example.org
You can read the original article in QLM Business news here.
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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier, the difficult part was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
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