No business wants to think that one of their partners or employees is stealing, but in order to protect your business, it needs to be considered and monitored as closely as possible. The sooner you can detect employee theft in your bookkeeping, the sooner it can be dealt with on all accounts. For some signs to watch for, here are the top ways to make sure that you can spot it – and deal with it – as soon as possible.
Look for holes or gaps
Since bookkeeping is all about record keeping, one of the best ways to keep an eye out for theft is to look for holes or gaps that you aren’t expecting. Regardless of how they’re formatted or categorized, if a gap or hole pops up, it could be a sign that there is employee or fraud theft occurring within your company. Watching out for these in terms of patterns is also a good idea.
Keep an eye on the likely people
There are only going to be a certain amount of people who can attempt to steal from you and your company, so even if you have no reason to suspect these people, keeping an eye on them and their financial doings is a good idea. Examples include your partner, employees in accounting and anyone who deals with financials in your company.Remember that this isn’t “sneaky behavior”, you have to focus on the reality that your business is everything you have and you have a responsibility to protect it even if there are no red flags at the moment.
Consider a third party review of your finances
Since we can all be biased and lost in the details, consider bringing in a third party to review your bookkeeping on a regular basis. A professional will be able to notice small inconsistencies or repetitive behavior that may be invisible to untrained eyes. It’s the best option to trust for professional guidance short-term and long-term.
Gather evidence and trust your gut
Regardless of your thoughts and emotions, your gut can be one of the best things to trust other than a professional, as mentioned above. If you see small differences in the bottom line or a change in behavior in an employee or partner that just feels off, gather evidence and call in a professional to take a look at it. Your gut can often be the most accurate option for a native lie detector, so don’t squash its impulses or ignore any seemingly small evidence that something is going on.Employee or partner theft is scary, but when the right professional is on hand to watch for it, you can have the support that you need. Whether you want to monitor it on your own, or bring in a third party to do it for you, it can make a different in the long run for your company’s success and a strong, professional team within it to lead you to a profitable future. When you are ready for that third party review, contact Palma Financial Consulting at (281) 668-9168 to review your bookkeeping or your business as a whole to look for gaps in your books.