168 - Protecting Your Business From Fraud With Leah Wietholter The Cash Flow Contractor podcast

168 - Protecting Your Business From Fraud with Leah Wietholter

1y ago 1:08:00

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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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216 episodes