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White Law Office, Co. > Posts tagged "crime"

Embezzlement: How to Catch A Thief (Part 1)

If you are a business owner, how do you know if the person in charge of the books is not skimming off the top? What checks and balances do you have in place to ensure more than one person is looking at the financials? It should be an area that business owners review regularly but often times it's easy to get caught up in the day-to-day operations of the business. Things like the bank reconciliation statements and cash flow statements get put on the back burner for review at a later date. So what exactly is embezzlement? Embezzlement is the act of withholding assets for the purpose of conversion of such assets, by one or more persons to whom the assets were entrusted, either to be held or to be used for specific purposes. Embezzlement is a type of financial fraud. It's an employee who has taken it upon themselves to dictate how company money is spent and who feels a sense of entitlement. It's an abuse of power and the trust that the employee has been given. Let's start looking at ways to mitigate the chances of an employee embezzling money and look at potential red-flags. There are various studies done on an annual basis to determine the effects of embezzlement. One of the main things business owners can do to prevent embezzlement is getting to know their employees and looking for different characteristics as described below. The 2018 Hiscox Embezzlement Study states that...

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