Embezzlement Can Kill Your Company While Theft Can Injure It

摘要

Embezzlement is defined as "the fraudulent appropriation to his own use or benefit of property or money entrusted to him by another, by a clerk, agent, trustee, public officer, or other person acting in a fiduciary character by virtue of their employment." This legal statement as it applies to your company means that an employee, partner, relative, or other party that has control over your cash or other assets commits intentional acts to take them. A fiduciary relationship is one in which assets are entrusted to one person for the benefit of another person or group. Have you heard expressions like: "Our bookkeeper can be trusted-she's been with us for 20 years"; "She signs the checks, collects the receivables, and does the purchasing"; or, "Business is good but I don't understand why we don't have enough cash to pay our bills." If you are an owner/manager, CEO, CFO, or general manager and you hear those expressions or equivalent, it should create an immediate reaction-"one" that motivates you to review the asset-control segment of your financial system.