SMEs being 'eaten from the inside out'
Many small and medium sized business are entering into insolvency because of some form of financial fraud, usually involving false invoicing.
Many small and medium sized business are entering into insolvency because of some form of financial fraud, usually involving false invoicing.
Link: SMEs put their trust in the profession
As a result, Menzies Corporate Restructuring, is urging SME owners to be extra vigilant, to keep a tighter rein on the company finances, and to ‘heed the alarm bells, when they start ringing’.
The turnaround and business recovery firm made this plea following an analysis of insolvency cases it has been involved in over the past six months.
Andrew Stoneman, a partner in MCR said a combination of the economic climate as well as hikes in insurance premiums and NI contributions were helping to create a ‘”desperate times, desperate measures” ethos pervading so much of the SME sector.
‘Sadly, it means that many SMEs cease trading, having been almost eaten away from the inside out, even though often the fraud took place in the misguided belief that it would somehow help the company out of a tight spot.’
The warning signs to look out for include:
The numbers you crunch tell a story. Your expertis...
21yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article