Steve Sorensen Embezzlement – Identifying Signs of Embezzlement and Financial Distress
Employee embezzlement and frauds can affect any business organization. Entrepreneurs need to take necessary steps to prevent their staff from indulging in such nefarious activities. Experts acknowledge that it is never an easy task for these owners to identify the culprits. They state the workers who commit such crimes have been in the payroll of the proprietors for many years. During this period, they do their utmost to gain the trust of their employers. Only then can they get access to important business records, client information, and cash. The damage they can inflict is enough to force these businessmen to file for bankruptcy.
Steve Sorensen Embezzlement – How can entrepreneurs prevent employee embezzlement in the organization?
Steve Sorensen is a Certified Public Accountant from Colorado who specializes in providing financial consultancy services. His clientele consists of small entrepreneurs and individuals who work in public sector companies. This finance graduate from Colorado Boulder University has many years of experience under his belt. His area of expertise is in banking, taxation, investment planning, loans, and real estate management. He offers valuable advice to business owners on matters which concern them. These include preventing employee embezzlement, ways to reduce their tax burden legally, and improving their finances.
The Steve Sorensen Embezzlement team say entrepreneurs need to understand employee embezzlement can take place if the business is not cautious. Business owners should monitor the activities of their staff members during office hours. They should look out for the following two important signs which indicate their employees are indulging in embezzlement:
- Financial distress
Entrepreneurs may notice that some of their staff are going through life-changing situations. They may be experiencing a messy divorce, gambling, or have a drug problem. Such issues may force them to borrow money which they find difficult to repay. This is when they start to siphon off cash from their employers or steal important documents. Entrepreneurs need to identify such behavioral changes in their employees. If these owners catch these workers indulging in this workplace crime, they should not hesitate to report and terminate them. Taking such a step can save the proprietors from threats of embezzlement and serve as a warning sign to others employed in the organization.
- Employee Dissatisfaction
Employee dissatisfaction is another cause of workplace embezzlement. Certain staff members may feel that their employers are paying them inadequately for the work they perform. Moreover, business owners may be promoting other workers with less experience to higher positions instead of them. This type of discontent may force them to defraud their employers. Entrepreneurs need to be aware of these situations that might arise in the organization. They should discuss such issues with the concerned employees and look into their grievances. The proprietors should do their utmost to keep their staff happy to prevent workplace embezzlement.
The Steve Sorensen Embezzlement team states employee embezzlement can ruin the finances of a business. Entrepreneurs need to remain vigilant to prevent this workplace offense in the first place. They have got to identify unusual behavioral signs in their staff members and listen to their grievances. The owners should redress such employee complaints to ensure a healthy working environment. Only then can these proprietors discourage their workers from indulging in such nefarious activities.