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Overview of Financial Management for Small & Medium-sized Businesses

Businesses with fewer than 100 employees experienced the highest percentage (29%) of incidents of fraud and suffered the largest median loss ($200,000), according to The 2018 Report to the Nations by the Association of Certified Fraud Examiners.  Although smaller organizations have limited resources, it is critical for business owners to establish a strong financial management structure.  Good financial procedures and systems allows you to monitor the profitability of the business, evaluate the impact of management decisions on the financial condition of the company, and reduce the risk of fraud.