Effective Delegation

workplaceIt isn’t often that we pass along to our readers an article written by someone else, but we ran across the article from Entrepreneur Magazine: 7 Rules for Entrepreneurs to Delegate Effectively. We deemed it worthy of a share.

Since we agree that delegating some of your work is a key factor to success on both a personal and professional level (as the article states), we encourage our small business owners to read the article.

As Halloween draws near and the days become shorter, it good to think about using our time more effectively. Speaking of time, Daylight Savings Time is Sunday, November 4. And whether we are ready for it or not, we’re about to enter another holiday period and wonderful opportunities to celebrate our good fortunes at Thanksgiving and our blessing at Christmas time.

Ohio’s Stronger Rules to Protect Seniors

Ohio statehouse cupolaWith more Americans turning 65 and living longer, the opportunities for financial fraud on seniors grows exponentially. The State of Ohio is about to add add an additional level of protection for seniors this month with SB 158.

Currently, all 50 states have elder abuse laws that require attorney, doctors, hospitals, home health care agencies, clergy and others to report suspicious activity for financial abuse. We expect the Ohio bill, which has already passed the State Senate, to be effective September 29, 2018. In addition to greater fines for abusers, it will require the state to distribute no fewer than six public awareness publications each year on the warning signs of senior fraud.

At DL MoneyMatters, senior fraud has been top of mind since the beginning. DLMM owner Diana Louiso is a Cincinnati native with over 30 years of hands-on accounting experience, but when her professional life dovetailed with the family experience as caretaker of an aging parent overseeing financial matters and personal care, Diana was motivated to make both business and personal “money matters” her business. As the business grew, DLMM added cash management services, bookkeeping services, and year-end support for small business and entrepreneurs.

According to the code, “any person with reasonable cause to believe that an adult is suffering abuse, neglect, or exploitation who makes a report pursuant to this section or who testifies in any administrative or judicial proceeding arising from such a report, or any employee of the state or any of its subdivisions who is discharging responsibilities under section 5101.65 of the Revised Code shall be immune from civil or criminal liability on account of such investigation, report, or testimony, except liability for perjury, unless the person has acted in bad faith or with malicious purpose.” We fully support this Ohio Revised Code 5101.63(A).

This move by the Ohio legislature will heighten our awareness and should yours as well. Our daily money management employees are trained to spot potential fraud and we have always taken the necessary steps to inform our clients and senior caretakers regarding any suspicious activity.

Below are links to learn more about the threat of senior fraud and why it’s so important now.

Mike DeWine Ohio Attorney General—Elder Fraud

Occupational Fraud Is Real

As a business owner, have you ever suspected that an employee was skimming off profits? Because awareness is vital to prevent fraud in your organization, we are sharing the annual Report to the Nations for 2018 from the Association of Certified Fraud Examiners (download the report for free here) According to the report, worldwide fraud added up to over $7 billion in losses last year.

fraud IGIn small businesses, fraud often goes unreported. But corruption like purchasing and sales schemes, bid rigging, invoice kickbacks, and downright cash skimming added up to a median loss of $108,000 in U.S. businesses—over 70% occurring in for-profit organizations.

Small business lost almost twice as much per scheme as large companies. Those with fewer than 100 employees lost an average of $200,000 — 42% of which can be attributed to lack of internal controls.

Two alarming statistics are: 1) longer term employees stole twice as much as newer employees, and 2) a majority of the victimized companies never recovered a dime.

The report also shows what is proven to reduce fraud: 1) data monitoring & analysis, and 2) surprise audits. Yet only 37% of victim companies implemented these controls. Had it not been for an inside tipster, internal audit or other type of management review, these schemes would not have been detected at all.

In 85% of the cases, the employees committing fraud displayed at least one behavioral red flag. We encourage our small business executives to download the report so they can develop an alertness to these behaviors or clues and better protect their hard-earned profits.

Downloading the report is free, infographics make the report easy to understand, and access to the report does not require any personal information. Be safe, small business!