168 - Protecting Your Business from Fraud with Leah Wietholter

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Khalil and Martin - The Cashflow Contractor Podcast

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Fraud is a serious threat that can have devastating consequences for businesses of all sizes. If you think your business is safe from fraud, think again!

Leah Wietholter, a Certified Fraud Examiner and private investigator, joins Martin & Khalil to talk about forensic and investigative accounting and why it's critical to recognize the warning signs of fraud in your company.

Time Stamps

  • 00:49 - Episode Intro

  • 02:07 - How Leah Got Into Forensic Accounting

  • 06:09 - What's Forensic Accounting?

  • 07:01 - Investigative Accounting

  • 10:01 - Partnership Disputes

  • 12:29 - Why the Name 'Workman Forensics'

  • 12:58 - Common Signs of Fraud in Business

  • 18:51 - Tips to Detect Fraud

  • 24:39 - Fraud Can Happen to Anyone

  • 27:01 - Reconciling Your Books

  • 35:15 - What to Do If You Suspect Fraud in Your Business

  • 45:06 - Standard Practices to Protect Your Business from Fraud

  • 49:35 - Hiring An Outsourced Accountant & Bookkeeper

  • 54:46 - The Impact of Fraud to Your Business

  • 57:19 - Equipment & Inventory Fraud

  • 01:00:23 - Divorce Cases & Family Businesses

  • 01:05:02 - Why Hire a Forensic Accountant

  • 01:06:22 - Episode Takeaways

Quotable Moments from Leah

  • "If the financial person will not provide consistent or just regular routine reports, this is one of the biggest red flags to me."

  • "There is no legitimate reason to not provide the owner of the company with financial statements, bank statements, credit card statements, and payroll reports. There's no reason."

  • "There are only 2 big areas that someone can steal money from you, and it's as it comes into your business as revenue, or it's as an expenditure as it leaves your business."

  • "If your bookkeeper can't explain where did the money come from and where did it go, keep asking questions."

  • "The sooner you get a forensic accounting accountant involved, the better.”

Resources

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167 - Take Capacity Into Consideration