The Cash Flow Contractor 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 Wietholter
- "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."
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