Internal Theft in Your Business
Internal theft is a real threat to any and all businesses, especially small businesses. The statistics are scary: the average loss of internal theft is $500,000. That’s definitely a hit that no one wants to take, which is why we have a few ways to determine if internal theft is something that’s happening to you.
- Financials: Unfortunately, it’s your most trusted employees that have the access they need to skim money from the top of your books. They’re the ones with access to all your private information. If you have an accountant, they might be creating false vendors that you’re paying. To monitor this, separate each job so not all the information is with one person. Have one person in charge of opening the checks, another in charge of processing them, another to take it to the bank, and another to sign. By dividing these jobs, no one employee has all the information they’d need to embezzle.
- Inventory: Whether it’s your larger items or smaller office supplies, thieves won’t hesitate to steal what they think you won’t miss. Keep your inventory closely monitored, especially around holidays. Perform surprise audits to make sure everything is where it should be.
- Employees: Pay attention to what your employees are saying and doing. If your accountant starts dressing nicer and wearing fancy jewelry, that might be a sign that they’ve suddenly come into more cash. Also pay attention to any gossip that may be going around the office. Though it isn’t always reliable, it can give you some leads to who might be stealing from you.
If you think someone is stealing from your business, keep every evidential detail written down. Keep proof, whether that’s surveillance equipment, eyewitness accounts, or inventory reports. Report them to both the police and your attorney.
One way to ensure your business is most safe is to install a set of surveillance cameras around the office. This will prevent your employees from stealing as well as help you keep an eye on what’s happening when you aren’t around. If you want to install a security system in your office, give Community Commercial Security a call at (714) 777-6132 or contact us for a free risk assessment.