Loveland, CO -- (ReleaseWire) -- 08/09/2013 -- Each year small businesses, which employ up to 50 percent of the American workforce, lose roughly $630 billion dollars to fraud. According to the Association of Certified Fraud Examiners– It is estimated that the typical organization loses 5% of its revenues to fraud each year. Due to their limited resources, small businesses can be especially devastated by fraud. Small organizations experienced an average fraud frequency of 37% compared to larger organizations that averaged only 20%. The lack of internal controls is the number one identifying factor for the small business.
Large publicly held companies are required to have outside auditors to test their internal controls as part of the federal Sarbanes-Oxley regulations passed in 2002. But unfortunately there are no such standards for small businesses. These larger companies can afford the costs to develop internal control programs to ensure that there are adequate safeguards in place. Internal control programs are the standards and rules used by companies to ensure that they achieve their stated goals. Profitability is not only achieved through high sales and meeting consumer demand, but also from controlling costs and limiting excessive spending. Smaller organizations don’t have the same resources or budget to implement such a complex system. Reviewing all aspects of the company’s financials and inserting internal controls will strengthen the company and increase profitability.
Certified Fraud Examiner Julie A. Aydlott has created an easy to use and inexpensive system to protect small businesses against occupational fraud, which is now available in a desktop application. The Vitalics System is an internal control program with an instruction manual on fraud education. Vitalics was created to help small business owners prevent employee mistakes and theft.
Aydlott who specializes in small business fraud focuses her services on employee embezzlement, fraud investigations, internal controls as well as fraud prevention. Her main focus in financial crimes is to protect the small business owners from asset misappropriation. This is the reason she created The Vitalics System.
Vitalics was first packaged as The Small Business Fraud Prevention Toolkit to help educate on fraud schemes and prevention measures. Upon several requests from clients it was apparent that an internal control audit did not help the owner complete the circle of prevention. The small business was merely told how to implement internal controls, yet they were not provided with the proper tools to implement a program of their own. Realizing that there were very limited internal control systems on the market specifically created for the small business, Aydlott has developed The Vitalics System, with internal control forms and checklists for day to day operations. Now, the owner can be more involved in the bookkeeping review. This is especially important when there is a lack of job segregation. Also included are all of the reminders and checklists to make sure the controls are being followed.
The Vitalics System has been sold to customers worldwide, including Australia, Turkey and Kuwait and has created partnerships with businesses in New York, Washington D.C., California, and Colorado. CPA and Bookkeeping firms offer this system to clients, to form strong bonds and have consistent documentation, while earning extra income with implementation and reviews.
The Vitalics system was created with affordability in mind. The hard copy CD costs $269, while the electronic download version will only cost business owners $249.The system is easy to implement and follow.
Comparing the minimal cost of $269 to the average fraud loss of $155,000 reported by the ACFE Report to the Nation, the Vitalics Internal Control Application is a welcomed solution to the small business industry.
Click here to view Julie’s recent channel 5 fraud prevention interview.
Click here to learn more about Julie A. Aydlott CFE.
Click here to review The Vitalics Internal Control Application.
For additional information please contact Julia Blair 303-319-0133 or visit our website at http://www.thevitalicsystem.com