Keeping track of income and expenses is essential, even if you don't own a business. And if you do own a business, things get even more complicated. There are paychecks to issue, taxes to track, and subcontractors to pay out. All of these details are a whole lot less challenging when you hire an accountant to oversee them. However, it is still important to know a little bit about accounting yourself. Dig into the articles on this website, and you'll gain a better understanding of accounting principles, what services accountants really offer, and the benefits of hiring these professionals to assist with your finances.
If you're missing funds from your store's financial accounts, you could have an embezzler within your ranks. Embezzlers are people who take money from their clients or employers. People who embezzle funds often use undetectable methods, such as falsifying records or manipulating numbers, to take small amounts of money from your accounts over a period of time. Here are steps you may consider taking to find the suspected embezzler in your company.
Go Over Your Records After Every Shift
Embezzling can occur at any time, including during and after shifts. If you run a company that has many employees and shift changes, it may be difficult for you to keep track of everything during the day. But if you set aside time to go over your financial transactions after every shift, you may be able to catch the person taking money from your company.
When you look through your financial transactions, you want to find transactions that appear unusual, such as multiple product returns or refunds given without receipts. It isn't unusual for customers to return or exchange goods during the day. However, it may be unusual for multiple customers to return goods during the same shift or to receive refunds without asking for a receipt.
If you notice a significant number of returns and undocumented refunds during a particular shift, examine the information for each return, including the item's price and type. If the returned items don't match the information found in your cash register's financial records, speak to the employee immediately.
Hire a CPA
You can also ask a professional CPA, or certified public accountant, for assistance. Embezzling may also occur in areas of your store you may not suspect, such as in the office. There may be an employee who incorrectly reconciles your receipts, skims cash, steals from payroll, or writes false checks. If the individual works alone in the office or when you're not present, they may continue to embezzle funds from you. A CPA can go over all of your current and past transactions to see if there's a pattern of embezzlement. Embezzlement can occur over a long period of time, which can make it very difficult to detect.
If a certified public accountant detects discrepancies in your records, they can relay this information to you. You may choose to remove the employee from their assignments until you investigate the situation further.
If you suspect there is an embezzler within your store's ranks, contact a CPA for help today.