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Business Builders Blog

Are your employees stealing from you?

The latest statistics on fraud should send a big jolt of fear into small business owners. According to an embezzlement survey by HISCOX, a specialty insurance company, 80 percent of embezzlements occurred at small businesses — defined as those with less than 150 employees — and 30 percent of embezzlements involved a loss of more than $500,000.    

The first time I witnessed someone stealing money from a company I was shocked and dismayed.  I couldn’t believe that someone in the financial management field could be so unscrupulous – after all, by nature of their job in accounting, they are the gatekeeper of a company’s money. 

At the time I was 29, and that experience opened my eyes to understanding that having financial controls in place is critically important.  In the years since I’ve seen many instances where a company’s lack of controls has resulted in people stealing from them.

In this time when more and more work is being done remotely, including paying vendors and processing payroll, it’s critical that you have controls and processes in place to avoid this happening to you.

In today’s video, I share simple practices and processes to help you avoid accounting fraud and stealing in your business.

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Who do you trust?

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It was a Wednesday morning, and like many mornings I was starting my day by checking emails.  One from a long-time client caught my eye – the subject line was “memo regarding personal credit card charges.” As I read, I held my breath as the words spilled out on the page. It said “our controller made personal purchases with a company credit card. When asked about it she told the bookkeeper that she had mistakenly used the wrong card, and already paid the charges.  However, upon further research into the payments, it shows she paid these charges with a transfer directly from the business account.”  Oh no, how could this be?  “Maybe it’s a mistake,” I thought. (more…)

Trust AND verify…

Trust by verify 3.15.16

A controller recently left the employ of a clients after five years of service.  This person brought a great deal to the company during her tenure.  She improved reporting, created systems that improved communications, and saved thousands of dollars in insurance costs.  She was considered to be a real asset, and they knew that finding the right replacement would be a challenge.  But what they discovered in the 30 days following her departure was completely unexpected!
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