Are Your Employees Stealing?
Are Your Employees Stealing? – Employees stealing from their employer happens more common than you think. Recently, I met the owners of a small company to sign a listing agreement to sell their company. While talking about their business, one of the owners said, “After the embezzlement, we really started to struggle.”
The owners had a “full-charge” bookkeeper that stole $100,000 from the business. She had signatory rights to sign checks for their business and draw down the company’s line of credit. In nine months, she stole the money, and the owners had no idea that it happened. They found out from another employee who brought the issue to their attention. The owners said several times during the conversation, “We trusted her!”
Are your Employees Stealing?
They prosecuted bookkeeper and she never went to jail. She got five years’ probation and was ordered to pay restitution. So far, over the past two years, she repaid the company less than $5,000. She has paid nothing in the past six months because she is unemployed. I know, it is hard to believe that a bookkeeper convicted of embezzling $100,000 from her past employer had a hard time finding work, right?
If you give your employees the opportunity to steal from your company, as these owners did, they will do it EVERY TIME. There are simple, straightforward internal controls that can stop this type of problem from occurring. If you don’t have those internal controls in place, it will be very costly to your business.
Then, it will be you who is telling a similar story, which will start with: “After the embezzlement, our company really started to struggle!”
My name is Robert Curry, and I am an Author, Business Coach, Keynote Speaker, and Turnaround Specialist. Over the past 20 years, I have worked with more than 70 companies taking their businesses from Loses to Profits.
Please click on the links below to read some my other articles like “Are Your Employees Stealing?”
Receivables are as Important as Cash!
New Commission Program for the Sales Team!
Recently, I published two books about turnarounds: “From Red to Black – A Business Turnaround” and “The Turnaround.” Both books are true stories about turnarounds of real companies that I have turned around during my career. In both books, I have shared all my Profit Improvement Recommendations (“PIR’s”). PIR’s helped to grow sales, reduce expenses, improve cash flow, and most importantly, strengthen the management teams.
If the information in this article “Are Your Employees Stealing?” helps you, your family or a business associate, please email me at bob@ceorsc.com and share with me the story.
If you would like to purchase either or both books autographed by the author, please click on the following link: Losses to Profits Series.
