-- 21 percent of the small businesses interviewed stated that they did
not have any system in place to prevent employee fraud. 13 percent were
unsure if they did or did not.
-- 28 percent of small businesses reported that they had been victimized
by employee fraud in the past.
-- Companies with 75-100 employees (42 percent) and those with $1,000,000
to $5,000,000 in annual revenues (34 percent) are most likely to experience
employee fraud.
The industries most likely to have experienced employee fraud are retail
stores/outlets (16 percent), health care firms (9 percent) and finance
firms (7 percent).
"Small businesses are challenged in combating fraud as they often have too
few employees to divide tasks; however, proper planning of internal
controls can significantly offset this inherent limitation," according to
Julie Gilliom, a forensic analyst with Forensic/Strategic Solutions, PC in
Birmingham, Ala.
One of the most readily accessible tools companies can use to prevent fraud
is within their accounting software, which often includes features that
document and analyze processes for workflow efficiency, and can assist
employers in spotting potential internal control weaknesses. Accounting
software -- such as Peachtree by Sage -- that allows for very specific user
access levels also can be extremely helpful in deterring fraud. By
managing employee access at the module level, small companies can further
monitor who's able to access what, and when, in critical financial data.
"Small businesses today are already under extreme pressures from external
influences, -- particularly in the current economy. While there is no 100%
solution to preventing fraud, we are continuously upgrading our programs'
internal controls to add another layer of risk avoidance, through features
like customized security access and the Internal Accounting Review(1),
available in our line of Peachtree Accounting software," said Heislitz of
Sage Software.
Of the respondents that stated they had prevention processes and systems in
place, 47 percent are using their accounting software as one of their
tools. Respondents in this survey were randomly selected throughout the
United States and more than 500 interviews were conducted in the first
quarter of 2008.
For a list of tips on how to mitigate the risk of fraud please visit
http://www.peachtree.com/minisite/peachtreecares/pdf/fraud_prevention_tips.pdf
About Peachtree Software
A long time favorite of accountants and growing businesses, Peachtree is
designed for small companies that take their accounting seriously and view
it as a tool to make better decisions. Peachtree is a comprehensive
solution based on double-entry accounting principles, featuring
screen-level security, audit trails and automatic accounting checks, so
small businesses get the accuracy and control they need to improve their
results.
About M/A/R/C® Research
M/A/R/C Research is a full-service marketing research and consulting firm
that uses innovative qualitative and quantitative methodologies to help
clients launch better products and services, find new and valuable
customers, and build stronger brands. Our proven marketing issues
platforms support clients' brand building efforts.
About Forensic/Strategic Solutions PC
Forensic/Strategic Solutions, PC, specializes in fraud examination,
forensic investigations, litigation support, business valuations and
consulting services. Our personnel are trained to analyze, interpret,
summarize and present complex business issues in a manner that is both
understandable and properly supported. Our client base is national,
consisting of law firms, other businesses, government agencies, and
individuals. More information is available at www.forensicstrategic.com.
About Sage Software
Sage Software supports the needs, challenges and dreams of nearly 2.9
million small and medium-sized business customers in North America through
easy-to-use, scalable and customizable software and services. Our products
support accounting, operations, customer relationship management, human
resources, time tracking, merchant services and the specialized needs of
the construction, distribution, healthcare, manufacturing, nonprofit and
real estate industries. Sage Software is a subsidiary of The Sage Group
plc, a leading global supplier of business management software and services
to small and medium-sized businesses. Formed in 1981, Sage was floated on
the London Stock Exchange in 1989. Sage Group now has 5.7 million customers
and employs over 14,800 people worldwide. For more information, please
visit the web site at www.sagesoftware.com or call (866) 308-2378.
(1)Sage Software is not liable or responsible for any fines or penalties
that may result from errors in your company accounting records. The
Internal Accounting Review is not intended to uncover all questionable
transactions.
Contact Information: Contacts: Aimee Ertley 770-724-4556 Aimee.ertley@sage.com Kara McClain 404-995-4531 Kara.mcclain@porternovelli.com