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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."
Resources
More from Leah Wietholter
More from Martin
More from Khalil
More from The Cashflow Contractor
What is The Cash Flow Contractor?
If you’re like most contractors we know, then you started your business because you’re passionate about and great at your craft. You also wanted to be your own boss. Owning a business has a lot of advantages, but also a lot of challenges.
We started this podcast to talk about things that matter to you as an owner, like business fundamentals, sales processes, marketing, leadership, and much more. Armed with knowledge, you’ll be able to reach your goals, whether that’s growth, getting your shop to run without you, or anything in between.