Recent employee theft statistics are increasing, and small business owners are more vulnerable to the problem. The most common embezzlement methods include billing fraud, cash on hand, and check tampering.
You may not know how employees can steal from you as a construction business owner. Some standard methods include:
- redirecting company checks to personal accounts and altering entries to cover up the theft
- undercounting change to customers and keeping the balance
- seeking reimbursement for non-business related expenses or
- pocketing inventory or supplies.
Just as you can't be 100% secure all the time, there is no way to eliminate 100% of the embezzlement in your contracting company. However, you can limit your losses and avoid most of them with suitable preventative measures.