15-year veteran of the accounting department, served as VP of Finance … all while embezzling more than half the small company’s pre-tax profits! It can happen.
A number of nagging issues are forcing many Accounts Payable departments to improve their payment processes — some of these issues may surprise you.
No wonder they’re not clamoring for a raise: Some employees admit to padding their expense reports by up to 25% on a regular basis.
It was only a matter of time before this type of theft became the top way in which companies were defrauded.
Granted, few people who try to pad an expense report would be considered smart. But these folks are extraordinarily dumb.
With the reform law extending the age to which dependents must be offered health coverage, it’s more important than ever to be sure your plan only covers “truly eligible” dependents.
The A/P department usually presents an attractive target for fraudsters. So ensuring your anti-fraud controls are up to snuff is vital — particularly when it comes this exposure.
It seems like the Red Flag rules are already helping to curb identity fraud — even though the Federal Trade Commission (FTC) has delayed its official enforcement of these rules.
No company wants to believe it’s being defrauded by its own workers. But it’s better to know for sure than to end up paying for individuals who aren’t even eligible for your healthcare benefits.