BDO Stoy Hayward

Business Fraud - The Growing Problem

Business Fraud – The Growing Problem

Small and Medium Sized Enterprises fear that they might be more at risk due to the financial crisis. An increase in fraud and other forms of financial crime is one of the unfortunate consequences of the current unstable financial environment across Europe, says John Davies, head of business law at ACCA (the Association of Chartered Certified Accountants) Citing recent figures from KPMG‘s Fraud Barometer, John Davies says there has been an increase in fraud cases – in the first half of 2009 over 160 cases of serious fraud, involving a total of £636 million, were brought before the UK courts: the highest 6-monthly figure in the 21 year history of the KPMG barometer. John Davies says: “It is a matter of concern that many businesses do not seem to be taking reasonable s... »

SMEs Trading Abroad Warned to Guard Against Sterling Fluctuations

Small firms trading overseas should sign forward contracts with clients to protect themselves against the risk of the pound falling further in value, according to foreign exchange firm Moneycorp, writes Farah Jifri. Research from Moneycorp revealed that despite the value of the pound falling 14 per cent against the Euro over the eight months to the end of April this year, two-thirds of small firms that trade internationally did not use forward contracts in 2007. Forward contracts provide businesses with stability by allowing them to fix an exchange rate on the day that they become aware of their requirement for future settlement. This forward planning can prevent firms incurring losses due to exchange rate movement. “It is possible to save large sums of money through this sort of cur... »