Search engines can read text in Flash but only form field text, not text that is vector or raster. Flash cannot create HTML, so it is hard to consolidate such headers and tags so necesary for the SEO.
Some of the “patches” that we can use are:

• use Flash as an add-on effect to an already functional site or at least have a standard link menu at the bottom of the page and a static site map page.
• Creating a “separation” between content and the presentation. The use of the javascript called “SWFObject” helps search engine to ignore the Flash object and index its description introduced as normal text.

You can find a detailed explanation about hot to work with this script at deconcept.