GUIDE: Construction Anti-Fraud Checklist

GUIDE: Construction Anti-Fraud Checklist

Enron. WorldCom. AIG. Lehman Brothers. Thanks to their massive fraud cases that made front-page news, these company names are familiar. Their stories have made us more aware of fraud and how it can affect businesses. 

Unfortunately, fraud is not something that occurs only in large public companies; it can just as easily be perpetrated at small local businesses.    

In 2020, the Association of Certified Fraud Examiners (ACFE) published Report to the Nations, a global study on occupational fraud that used data from real fraud cases to explore the costs, schemes, victims, and perpetrators of fraud. The ACFE surveyed more than 2,000 small businesses and organizations and found that the median loss per fraud case was $125,000. Of those 2,000 entities surveyed, 77 were in the construction industry, and the median loss for those companies was $200,000. With all this in mind, construction business owners and other leaders must be aware of the warning signs of fraud and employee theft.

HERE SOME OF THE MOST COMMON TYPES OF CONSTRUCTION FRAUD:

  1. Materials & Expense Reimbursement Fraud 
  2. Change Order Fraud
  3. False Representation
  4. Collusion
  5. Internal Fraud
  6. Financial Statement Fraud 
  7. Billing Fraud

While the above list may seem overwhelming, there are several things you can do to help prevent and detect fraud within your construction company. 

GUIDE: Construction Industry Benchmarking

GUIDE: Construction Industry Benchmarking

Is your construction company performing as well as its industry peers? Construction benchmarking is an essential tool for business owners looking to improve their overall performance. The process involves measurement and comparison to specific standards to support systematic improvements in productivity.

BELOW ARE BENCHMARKS FOR FIVE MAJOR SUBGROUPS IN THE CONSTRUCTION INDUSTRY:

  1. Commercial Builders
  2. Homebuilding
  3. Electricians
  4. Heating & Air Conditioning
  5. Plumbing

Note: Every construction company is unique, and the standards below will not apply to all. These metrics should be used as a guideline. Statistics and information was provided from the IBISWorld Industry Reports.

Tax Planning: Tips from Experts

Tax Planning: Tips from Experts

Tax planning is a vital component of a successful business. A tax plan should be a component of your overall financial goals. It lays out financial decisions, how to reduce taxes liability and increase income. Understanding new tax laws, deductions and credits are all important aspects of a tax plan.

Are you confident you are doing everything to minimize taxes for your business?

Infographic: Are You Ready to Outsource Your Accounting Department?

Infographic: Are You Ready to Outsource Your Accounting Department?

Approximately 40% of small businesses use outsourcing to handle at least one of their business process. And accounting makes up 37% of all outsourced jobs.

Download this Infographic to help determine if you are ready to outsource your accounting department.

Smith Schafer is here to help. We offer scalable accounting services. Whether you need help managing the daily routine or assistance with more strategic decisions, such as software analysis and selection, our accounting professionals can give you back valuable time and resources so you can focus on growing your business.

Why Choose Smith Schafer?

  1. Help you make evidence-based, timely financial decisions.
  2. Provide a team of experts in the field. 
  3. Help save time and money.
  4. Faster turnaround time.
  5. Provide an accurate and cost-effective option. 
  6. Gain confidence and peace of mind.

Contact us today at [email protected] to learn more about how we can take the burden of accounting off your plate.

GUIDE: Transportation Industry Benchmarking

GUIDE: Transportation Industry Benchmarking

Is your transportation company performing as well as its industry peers? You reviewed your financial statements from your accountant, and you are making money. That is great, but what else are the numbers on the paper telling you?


Utilizing benchmarks is an easy way to determine how well your transportation company compares to others in your industry. Below are benchmarks regarding five major subgroups in the transportation industry:

  • Public School Bus Services
  • Chartered Bus Services
  • Local Freight Trucking
  • Long-Distance Freight Trucking
  • Airport Operations

Note: Every transportation company is unique, and the below standards will not apply to all. These metrics should be used as a guideline. Statistics and information provided from the IBISWorld Industry Reports, April 2020.

A Guide: Reading & Understanding a Financial Statement

A Guide: Reading & Understanding a Financial Statement

Financial statements contain vital information about a business. As a business owner or investor, it is important to understand how to read and understand these reports. A financial statement highlights assets, debt, income and expenses. This free guide will walk through the basics of a financial statement.