When the owners of a 47-year-old, veteran-owned, family business in Tulsa, Oklahoma, found out that one of their trusted employees had embezzled $430,000, they were stunned. They had treated her like family. How could this happen?
The court release – https://www.justice.gov/usao-ndok/pr/woman-sentenced-embezzling-429732-her-small-business-employer – said the woman had used the money to pay her gambling debts. She showed no remorse.
You probably think a crime like this won’t happen in your business. Think again.
Employee theft accounts for $50 billion in losses annually, and 22% of small businesses have had employees steal from them. 86% of internal business crimes involve misappropriation of assets.
Businesses, large or small, public or private, need to be aware they can be taken advantage of, if safeguards are not in place.
Business owners need to work closely with their finance people to set up the controls that can protect the business. But only 37% of small companies have such controls.
The amount of fraud, including embezzlement, has increased significantly in recent years with thousands of businesses affected.
Make sure your company doesn’t become a statistic. Let’s talk about how your finance person can put in the necessary controls.