Are you missing $35,000?

Last week I was driving home. Not newsworthy. I was listening to a local Denver radio station. Again, who cares? But what you will care about or should care about is the story that unfolded. The DJ’s were asking callers to call in to confess their sins. As I listened to several accounts, I experienced many different emotions, but that’s for a different post. What shocked me was the story of “Bill”. “Bill” as I will refer to him, called in and confessed his sin. With absolutely no remorse, he confidently told the DJ’s and their listeners that a few years ago he had stolen $35,000 from his employer. He proudly said he gave some to his mom, $10,000 to a buddy that was going through a rough patch and the rest he and friends spent on parties and wild times one could only guess were similar to those in the movie the Hangover. What was even more surprising was that he still works for his employer and the employer has never discovered that $35,000 is missing. The caller even indicated that should he be found out, he would have no trouble in accusing other employees as being responsible for the theft.

Opinions regarding theft, honesty and trust aside, the point of this post is that as an employer, you need to have appropriate controls in place to protect your assets. It is good policy to allow access to funds, private information or records on an as needed basis only. It is recommended to have good records and procedures in place to know who gains access to information and to protect important files or records from general access. Although one would assume you’d know when $35,000 goes missing, apparently this isn’t always the case. Therefore, checks and balances and proper accounting procedures should be considered for monthly, quarter and yearly reconciliation. We would also recommend background checks on employees during the hiring process to help reduce hiring someone whom may cause you and your business trouble in the future. You’ve worked hard to grow your business. Don’t let improper procedures destroy your business or put you in danger of increased liabilities.

StaffScapes helps you hire quality talent, check their credentials and free up your time to focus on important tasks—including knowing if your money is still yours! Call us at 303-466-7864 to learn more about the services we offer and how we can help you.