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employee theft - Complete Controller

Employee theft or fraud is a huge problem that has been causing trouble for businesses around the globe. Even in the era of superior technology and advanced tools in place, employee fraud or theft still occurs. This trend is rising day by day, and employees are inventing ways and using sneaky tactics to steal from their employers. Statistics reveal that an employee’s fraud is costly to a business; US-based businesses have lost a whopping $87 billion last year.

Management Restricts The Right To Take Legal Action Against The Perpetrator! Check out America's Best Bookkeepers

Regardless of the scale and size of the business, organizations need to develop a sound theft prevention plan to maximize their revenue and profits. They can do this by using various ways and means because they have the right to monitor and track illegal activities happening in and across their company. Business owners have mixed views about how perpetrators should be held accountable for their unjust behavior. However, it is also important to note that the business’s management restricts the rights to take legal or no action against the perpetrators. The level of accountability should be in the company policy. The final decision on how to pursue the case lies with the management of the company.

Accumulate Concrete Evidence of Employee Theft Check out America's Best Bookkeepers

An employee’s fraud means there is a loophole in how a business operates, controls its day-to day-affairs, and maintains and manages its finances. From bookkeeping to accounting/decisions to business management, organizations need to take ownership of admin work and initiate theft prevention plans to secure the fate of the company. According to a study, your trusted employees will be more apt to steal from the company than new hires. So, whenever an organization witnesses a fraud by an employee, it needs to investigate the matter and document the incident as it occurred accurately. Also, you need to have concrete evidence of theft before taking any legal actions. Why? In the eyes of the court, only those can be held accountable for theft who have committed the crime, and you have substantial evidence against them to provide to the authorities.

Take Action As Stated In Company’s Policy

Company policy plays a critical role in determining and handling a case of employee theft. It is ideal to have a plan in place for simple and complex litigation. Not having one in the area means wastage of time, efforts, and energies in pursuing the case of theft. Make sure to have a clear-cut policy stating repercussions and make sure your employees are aware of it. An employee’s fraud has to be dealt with professionally and make sure to leverage full control over the entire case proceedings. Check out America's Best Bookkeepers

What to Do When an Employee Ransacks Your Place of Business?

First thing first—you must immediately call your attorney for having a professional piece of advice as s/he knows litigation proceedings more than you. Taking disciplinary actions instead of fraud by an employee can result in instant termination of an employee’s contract. Your attorney will guide you through, which will help you sketch a clear picture handling the case appropriately. Make sure to gather reliable evidence against the perpetrator before filing a case in the court.

Secondly, you can call the police to hand over the culprit to the officials. But before that, revisit your company’s policy and present concrete evidence to the police once you have intended to pursue the case. Small businesses usually have fewer resources to afford attorneys, so they terminate the employee or, worse, call the police for further action. Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers