The instances of embezzlements have increased over the years and it is very important for companies to be aware of this crime and take appropriate steps to ensure they are not victims themselves. They should step up and take precautionary measures so that the business is protected and the occurrences of embezzlement are reduced. Moreover, you as a business owner should introduce a more stringent accounting auditing system so that you face no hassles in the future at all!
Steve Sorenson is the Founder of Enlighten 360- a company that specializes in business coaching. He is a financial and embezzlement consultant with over 30 years of valuable experience in being associated with the best Fortune 500 companies in the nation. He has a team of skilled and qualified professionals to help business improve their growth potential and enjoy consistent revenues in the market. The Steve Sorensen Embezzlement team of experts say that most business owners make the grave mistake of trusting their book keepers too much. They believe that their accounts and funds are in safe hands. However, the truth is- they are the ones that will be treated.
Why take the risk?
You can maintain a good relationship with your book keeper and at the same time protect the financial assets of your company. It is here that you should develop a checking account where all your invoices are passed through. It is important for you to open a checking account with a bank. Place all the money you receive inside that account and withdraw the money you need for the business from that account. This will be a shield against tampering by unwanted hands. Only you should have access to the checking account and withdraw money as and when needed. The checking account will also give you a statement of the receipts and the disbursements that are being made in the business.
There is another benefit of the checking account in the form of financial statements. Your book keeper cannot manipulate the cash that is inside the bank. The owner of a business should always be in financial control and review the checking account from time to time. It only takes some time of your day. As a business owner, you also should separate duties and never keep one employee to do the financial work. It is better to allow a team to manage the financial transactions in the business for both receipts and disbursements. In this manner, you will be able to cub embezzlement to very extent.
Manage the finances of your business without fear!
The Steve Sorensen Embezzlement team of experts say that if you are cautious you will never be the victim of embezzlement. He also adds that it is important for you to be active in all the departments of your business since you are the owner. This will keep your employees on toes and they will be aware that you do not only have business control but financial control over the company as well!