Employee Theft

Over the next Several Weeks we will be posting a new and different one-minute video providing business tips and instructional commentary for small business owners.   These tips will range from key metrics to consider to the importance of Business and Cash Flow Forecasting.

Would you steal from the company you work for if it meant keeping your home and keeping a roof over your kids head?  Unfortunately some people would.  Employees you have now could be contemplating that exact question

My name is Michael Barbarita from Next Step CFO with the Know Your Numbers Minute.  

80% of all theft is employee theft.  One surefire way to tempt an employee to steal is give that one employee multiple financial responsibilities.  

I caught an otherwise honest employee stealing $18,000 in less than 3 months. She needed the money because she was facing foreclosure. She was responsible for all of the financial activities in the business and had access to everything.  Also, now with online banking you can do more frequent bank reconciliations which will help you catch unusual transactions more quickly 

And remember, the most successful business owners know their numbers.

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