The Financial Fraud or Embezzlement is something that every asset owner is wary about; it is a crime that can be committed by simple normal life people such as a husband or a wife as well. It is basically the act of encroaching upon another person’s assets which were entrusted to him or her doing the fraud. For instance a husband or a wife could embezzle the money from an account that was held jointly by both spouses, similarly a lawyer could embezzle the funds of the trust accounts of his clients, so on and so forth. Steve Sorensen Embezzlement is the person who has immense knowledge in how to deal with this kind of a fraud and avoid it in the first place.
Steve is a financial advisor, not just individuals but businesses as well, and helps them in their financial situations. Employee embezzlement is something that is his area of expertise, he also advices his clients about how avoid high taxation. Learn more expert knows how every business owner is at a high risk of employee embezzlement, which is why he advices them on how to avoid situations that could lead to this the occurrence of this financial fraud.
The impact of employee embezzlement is so much that it also results in the failure of businesses altogether. Acknowledging the fact that you too can be embezzled by your employee is the first step towards being able to avoid this situation. You should never underestimate or even over estimate anyone, you never know when someone could turn up against you. this does not mean that you do not trust anyone but you need to verify the credentials of any individual before trusting.
Having a checking account is one of the wisest thing you could do to keep a track of all your financial transactions. Whether you put in any money or take out any money to and from the business respectively, do so from the checking account. This makes it absolutely embezzlement proof because this account is maintained directly by the bank.
The other really effective way of staying away from any possibility of embezzlement is to audit your books at frequent intervals. It is best to have a third and neutral party to get to review your accounts and books, in this way your employee will not have any objection to it as well. It does not necessarily have to be an extensively comprehensive scrutiny, it could just be a spot check, but it should cover all the transactions that have been made.
The most common form of embezzlement is in the form of cash, wherein cash is removed very craftily. The other forms of this fraud include redirecting funds, and kiting. Whatever the form of this crime, every business owner needs to understand that it is an extremely detrimental act for the life of your business and therefore you ought to take precautions to make your business embezzlement proof.