Thinking Bigger Business, How Cloud Accounting Can Help Fight Fraud, January 1, 2015
The numbers are fairly staggering. The U.S. Chamber of Commerce figures that employees steal approximately $400 billion from businesses each year. The Association of Certified Fraud Examiners (ACFE) estimates that a typical company loses about 5 percent of its annual revenues to employee fraud and theft.
To add insult to injury, small businesses are disproportionately victimized, and it typically takes about 18 months before fraud is even detected.