Retailers have a problem. Grocery and restuarants have a problem. Lots of companies have a problem.
Merchandise walks away.
Your financial security depends on the products you stock and sells.
Internal controls are the first line of defense, training and monitoring by active and visible managers.
Internal controls (starting with standard well-tested controls) must be customized and cost effective.
More to follow......
Payroll is a repetitive, data intensive, complicated and just not a lot of fun.
Owners and managers tend to delegate as much of the task as possible and let someone else take care of payroll.
Owners and managers tend to, if anything, review totals and check on payroll taxes. Some do not do that on a regular basis.
There are a number of ways people can steal during the payroll function. Some in-depth reviews, at least occasionally, may deter theft.
SUBSTACK POST
https://tomealey.substack.com/publish/post/151289135
It can't happen here.
Theft and embezzlement cannot happen here.
I (CEO) know this because ________________________.
It CAN happen here.
Following on the blog will be a series on preventing embezzlement.
