Fraud Scheme Stories and Lessons with Bernadette Harris

11/30/23 • 36 min

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Welcome back to another episode of "Keep What You Earn"! Today on episode 442, we are delighted to have on board the amazing Bernadette Harris, a forensic accountant and a Certified Fraud Examiner, who is passionate about helping small business owners prevent fraud. Bernadette, with her 22 years of experience, is here to share some gut-wrenching stories of fraud that led some small businesses to closure, and provide vital lessons on how to spot fraud and prevent it. Some of our key takeaways today include understanding the importance of checks and balances, spotting patterns and disruptions in business operations, and how you, as a business owner, can guard yourself against potential fraud. From understanding different types of fraud such as payroll fraud or embezzlement through fake vendors, to preventing it with the 'trust but verify' principle, this episode is packed with value. So tune in, as we dive deep into the world of numbers and explore the shadowy undercurrents of fraud with our very special guest, Bernadette Harris!

Bernadette Harris is an accomplished entrepreneur who is dedicated to supporting small business owners with their accounting needs. She leads her own company that provides bookkeeping, controller services and even CFO services to clients. Bernadette is passionate about ensuring that her clients have a comprehensive accounting system and fully understand their financial data. Recognizing that many people feel intimidated by numbers, she focuses on facilitating illuminating conversations to help business owners forge stronger relationships with their own figures, working towards more informed decision-making.

Connect with Bernadette Harris:

Facebook: https://www.facebook.com/TrustBernadette

Linkedin: https://www.linkedin.com/in/trustbernadette/

Twitter: https://twitter.com/TrustBernadette

Instagram: https://www.instagram.com/TrustBernadette

Youtube: https://www.YouTube.com/TrustBernadette

Website links: https://trustbernadette.com

https://thebtbadvisoryfirm.com/

What you'll hear in this episode:

[06:42] Bernadette pursued education, certifications to combat fraud.

[12:08] Fraud brings hefty penalties, affecting trust/account. Payroll investigation uncovers employee deception, risk undetected.

[15:06] Pay attention to your business and vendors.

[16:18] Importance of noticing patterns, disruptions, and control.

[23:03] Deceptive assistant financially drains rockstar businessman.

[26:16] Comfort leads to theft; greed takes over.

[30:41] Forensic accountants uncover and resolve employee suspicions.

If you like this episode, check out:

Take Advantage of an Accountable Plan in Your Business

Key Financial Metrics for Success in Product-Based Businesses

Tax Deadlines You Need to Know as a Small Business Owner

Want to learn more so you can earn more?

Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide

Visit keepwhatyouearn.com to dive deeper on our episodes

Visit keepwhatyouearncfo.com to work with Shannon and her team

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Connect with Bernadette Harris:

Facebook: https://www.facebook.com/TrustBernadette

Linkedin: https://www.linkedin.com/in/trustbernadette/

Twitter: https://twitter.com/TrustBernadette

Instagram: https://www.instagram.com/TrustBernadette

Youtube: https://www.YouTube.com/TrustBernadette

Website links: https://trustbernadette.com

https://thebtbadvisoryfirm.com/

What you'll hear in this episode:

[06:42] Bernadette pursued education, certifications to combat fraud.

[12:08] Fraud brings hefty penalties, affecting trust/account. Payroll investigation uncovers employee deception, risk undetected.

[15:06] Pay attention to your business and vendors.

[16:18] Importance of noticing patterns, disruptions, and control.

[23:03] Deceptive assistant financially drains rockstar businessman.

[26:16] Comfort leads to theft; greed takes over.

[30:41] Forensic accountants uncover and resolve employee suspicions.

If you like this episode, check out:

Take Advantage of an Accountable Plan in Your Business

Key Financial Metrics for Success in Product-Based Businesses

Tax Deadlines You Need to Know as a Small Business Owner

Want to learn more so you can earn more?

Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide

Visit keepwhatyouearn.com to dive deeper on our episodes

Visit keepwhatyouearncfo.com to work with Shannon and her team

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Previous Episode

Why Building a Sellable Business Should Be Your Goal

I advocate that all entrepreneurs should construct their businesses with the foresight that they might eventually consider selling them. I hold this viewpoint not because I assume that selling the business is everyone's ultimate objective, but because I firmly believe that adopting this perspective will lead to the development of robust processes and systems capable of enduring the test of time, regardless of your presence.

In reality, none of us can accurately predict the future, and in the unfortunate event that something were to happen to you or a crucial member of your business, would your enterprise be able to persevere? Establishing procedures and mechanisms that can ensure the continuous operation of your business is a prudent long-term strategy, and it might also make your business more appealing for potential buyers.

What you'll hear in this episode:

[1:17] This is the reason why you ought to construct your business with saleability in mind, regardless of your intentions to sell.

[2:45] The essential components of a business that can be marketed.

[4:08] I'd like to share my enduring vision

[6:23] Discover approaches to divest portions of your business while retaining control of your core operations.

If you like this episode, check out:

Questions to Ask Yourself as a CEO

You Accomplished Your Goal. What's Next?

How to Know if a CFO Power Session is for You

Want to learn more so you can earn more?

CFO On Demand click here

Visit keepwhatyouearn.com to dive deeper on our episodes

Visit keepwhatyouearncfo.com to work with Shannon and her team

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Next Episode

Supercharge Your Income Goals for Real Results

For entrepreneurs, establishing revenue objectives is a standard procedure. Initially, our target is to meet expenses, and later, we incrementally incorporate additional income for personal benefit. As we aspire for financial stability, viewing our business as the mainstay of our livelihood, this numerical goal expands over time.

Yet, it's paramount to remain attuned to our underlying motivation and grasp the genuine requirements to realize these business objectives. In this episode, I'll discuss my strategy of dissecting substantial business goals into manageable, day-to-day actions. This approach enhances the probability of achieving success, fostering a more connected and informed journey toward our aspirations.

What you'll hear in this episode:

[0:50] Exploring why establishing a revenue target as a business goal might lack thoroughness.

[2:30] Illustrating the role of 'drivers' in achieving goals through a step-by-step example.

[6:45] Deconstructing overarching goals into achievable daily milestones.

[9:00] Allocating time for self-reflection based on a personal scorecard to evaluate actions.

[11:48] Ceasing to anticipate different outcomes when consistently employing the same actions.

If you like this episode, check out:

Asset vs. Expense: What's The Difference?

The Power of a Tax and Accounting Combo Team

Cash Flow Series Part 1: How to Measure Cash Flow

Want to learn more so you can earn more?

Download the Money Pro Matchmaker tool here

Visit keepwhatyouearn.com to dive deeper on our episodes

Visit keepwhatyouearncfo.com to work with Shannon and her team

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.