Employee embezzlement is a serious problem which large companies throughout America have to deal with. The chief executive officers of these corporate enterprises generally implement a stringent recruitment process in their businesses. Their objective is to employ individuals who are honest, diligent, intelligent, and loyal. They generally do not suspect these staff members of being able to commit workplace crimes. Nevertheless, experts say the real identity of the culprits may come as a shock to the officials. These employees may have been in the payroll of their company for many years before indulging in such nefarious activities.
Steve Sorensen Embezzlement – How can large companies prevent workplace crimes?
Steve Sorensen is a financial consultant from Colorado with years of valuable experience under his belt. He completed his graduation from the University of Colorado Boulder and specializes in areas such as banking, real estate management, investment planning, loans, and taxation. He is also a practicing Certified Public Accountant. His clientele consists of large corporate enterprises from both the private and public sector. He leads a team of experts to help these companies deal with matters which affect their overall financial condition. These include preventing employee embezzlement, finding ways to legally reduce their tax burden, and taking advantage of wealth-management schemes.
The Steve Sorensen Embezzlement team of experts explain CEOs of large companies need to be vigilant against employee embezzlement. Otherwise, their businesses may end up suffering from huge financial losses which can shake the confidence of their investors. These workplace crimes may be in the form of misappropriation of assets, collusion, frauds, stealing cash, check to tamper, or inflating expenses. Fortunately, these professionals point out the officials can prevent employee embezzlement by taking the following two steps:
- Open a checking account with a commercial bank
The top managerial officials of large companies should consider opening a checking account with a reliable commercial bank. They should ensure that all the collection their businesses receive from customers is deposited this checking account without delay. Similarly, when these CEOs can give instructions to the banks to make disbursements to vendors when their invoices are approved. This enables them to obtain a complete record of receipts and payments from the bank at the end of the month which no employee can tamper with.
- Conduct regular audits
All companies hire auditors to identify and correct discrepancies in their books of accounts. The chief executive officers of these businesses should insist the financial professionals focus on certain particular areas where frauds are likely to occur. These could include cash transactions, customer refunds, inventory, purchases, and product returns. Moreover, they should request specialists to check the effectiveness of their company’s internal controls in detecting workplace crimes.
The Steve Sorensen Embezzlement team of specialists say employee embezzlement can play havoc on the finances of large companies. It is the responsibility of their chief executive officers to take steps to prevent all forms of workplace crimes. For this, they can open a checking account with a commercial bank through which all receipts are collected and payment made. Moreover, the officials should request auditors pay special attention to certain areas where frauds are most likely to occur. Above all, they should ask the financial professionals to give a recommendation on how to improve the effectiveness of the internal controls.