Vale & West Chartered Accountants Blog

How SMEs can avoid becoming victims of fraud

With SMEs throughout the country struggling to grow and maximise profits, given the economic headwinds, fraud could be a major problem.

According to the Metropolitan Police, fraud can come from anywhere, including:

  • Staff members
  • Customers
  • Suppliers
  • Third parties, unconnected to the business

Around 46 per cent of UK businesses cite fraud as a ‘top threat’ and 79 per cent say the current economic conditions have motivated them to reduce the amount of revenue they lose due to fraud, according to technology firm GoCardless.

Support from accountants is also vital as they can help to identify fraud through the services provided to businesses

This could include bookkeeping, accounts preparation, tax advice, assurance reviews, control reviews and audits. Accounting professionals are trained and know what to look out for.

Need help in preventing fraudulent attacks? Contact our team today.

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