Safeguarding Your Company From Embezzlement
Embezzlement is a painful and emotional setback, which can have long-term negative effects on a company’s financial position.
In this episode of the Prime Resources Podcast, BDR financial coach and trainer, Kasey Stanley, explains how embezzlement can occur within a business and how to prevent it. Kasey outlines best practices you can follow to safeguard your business along with helpful insights on what important steps to take if you experience embezzlement.
Safeguarding Your Company From Embezzlement – Time Stamps:
- (02:46) – What is embezzlement?
- (03:22) – Circumstances embezzlement can occur
- (04:56) – Ways to prevent embezzlement
- (07:23) – Example of embezzlement situations
- (08:53) – What owners can do to help detect embezzlement early
- (16:16) – Separation of duties for different companies and accounting team sizes
- (19:28) – What to do if embezzlement occurs
- (23:30) – Final thoughts
About Kasey Stanley
Kasey Stanley brings considerable expertise and practical experience to her role as a Financial Coach for BDR’s clients. She has a total of 20 years of accounting experience, with the last 10 years in the HVAC industry. Kasey had direct management responsibility for many implementation projects, including bookkeeping, IT systems, website & Marketing programs, office operations, service operations, and installation processes. She also attended BDR’s Profit Launch with her first HVAC employer, working with him to build a BDR-caliber business plan for the company. Kasey moved to a larger company that needed to modernize, upgrade, and streamline all aspects of its business operations. Her role quickly evolved from consultant to a full-time dual role of GM & Controller, where the company grew steadily and increased sales efficiency by some 65% during her tenure.
About the Prime Resources Podcast
BDR’s Prime Resources Podcast provides you with the knowledge you need to help your business achieve Prime results – with Prime being the most flourishing stage or state.
Listen to more episodes of the Prime Resources Podcast HERE
You can also listen to all episodes of the Prime Resources Podcast on Spotify