This is the amount of money a Naples, Florida bookkeeper was indicted for stealing. And, I’d bet it was more. That’s what they found.
The tragedy – she was writing checks to herself, for more than 3 years, in plain sight of the owner, and he never paid attention…until he started having cash flow problems.
Don’t let this happen to you!
Trust but verify. Many owners have told me, “I trust my bookkeeper with my life.” That makes me cringe. You can trust. However, like Ronald Reagan said, “Trust but verify.” You, the owner, have your name on the door, your signature on loans, your responsibility to for payroll and payroll taxes.
Can you spare only five minutes? Hopefully you said yes.
Call your bank. Send your bank statements home. Then LOOK at them each month. This takes another 5 to 10 minutes each month. Once you review them, you can give them to your bookkeeper to balance the checkbook.
Look at your bank accounts on line at least twice per week. Many owners do this every day. This takes another 5 minutes. You’ll spot things, ask questions, and help keep your hard earned cash safe.
The Ugly Truth about Cash: 50 Ways Employees and Vendors Steal From You and What You Can Do About It has more quick and easy ways to help prevent theft.
Pay attention to your cash. It funds your business and your life. Don’t lose it to an embezzler!