Embezzlement is a serious crime and if a business is not careful, it can suffer huge losses due to it. Most of the embezzlement cases that take place are committed by higher officials in the company or business. It is obvious since they have access to the accounts of the company, they get the upper hand of transferring money from the business to their own individual accounts. This means if the company or business is not smart enough, they may not be getting the amount of profits in its bank accounts as expected. Someone in the company is stealing from it!
Embezzlement cases – how can they be prevented?
Steve Sorensen is the Founder of Enlighten 360- a business coaching company in the USA. He is a financial and embezzlement consultant and he along with his skilled team of experts help business owners combat embezzlement and its consequences. He says that most business owners are not aware of the fact that they have loopholes in the accounting systems of their company. Most of the time, it is managed by a higher official who is alone and not monitored. The element of trust is breached and broken. The Steve Sorensen Embezzlement unit of professionals take the onus on coaching business owners on how the above can be avoided and prevented. No company is free from the occurrences of embezzlement however you must be alert and on your toes if you wish to protect the financial assets of your company- the only way you can do this is to be careful!
Prevention is better than a cure
There is one important thing that all business owners should keep in mind. They often say that they trust their book keeper and so believe that their business is in safe hands. Mr Sorensen says that trust is good however you have heard about the numerous cases of embezzlement and if you are not careful it actually will happen to you. You are unsuspecting however you never know when greed will get the better of your book keeper and he or she starts to steal from you. You should always have an audit and good monitoring system in place.
You need to be in financial control of your company. Yes, it is true that you have other important matters to look into however when it comes to the financial control of your company, you cannot delegate it to your employees. The trust element should not cost you dear.
The Steve Sorensen Embezzlement team of professionals through the track records have pointed out an interesting fact that the book keepers of businesses that have complained the most have later been accused of embezzlement. They state that you should keep the above concern in mind no matter how good your book keeper might be- take out time and check the financial transactions of your company. Ensure where the money is going and check if the invoices are not false or not. Most of the time you will find false billing leading to embezzlement, the team cautions!