The Dalles chronicle. (The Dalles, OR) 1998-2020, February 15, 2020, Image 22

The Dalles chronicle., February 15, 2020, Page 22, Image 22

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Newspaper Page Text10 | Hood River News . The Dalles Chronicle COLUMBIA RIVER GORGE BUSINESS REVIEW Th ere are many diff erent ways people steal from their employees. Some ways are simple; some take more eff ort and are more complicated. Some of the more simple ways business owners are victimized are: • Taking cash. Th e most common method in a cash base business such as a bar or restaurant is to pocket cash receipts. It is diﬃ cult to track transactions in a cash-based business so there is a lot of opportunity for an employee to pocket cash payment. • Not completing a transaction. Th is happens most often in a smaller retail-style business. Th e clerk will ring up a transaction and collect the payment as a subtotal. When payment is received, the embezzler will void the transaction and pocket the money. ROSE MAYS Methods of Embezzlement Embezzlement is not an easy subject to discuss. A business owner may begin to notice that something just does not seem right within her business. Maybe there are an unusual number of returns or the cash drawer is short more often than normal. If you are a business owner and start to notice discrepancies in your business, you may be a victim of embezzlement. What is embezzlement and why is it defi ned diff erently than theft? According to Gaeblers, “Resources for Entrepreneurs”, embezzlement is the fraudulent appropriation of property by a person to whom funds or assets has been entrusted. Th e embezzler is someone in your company whom you trust and given permission to have access to the business’ assets. Conversely, a theft is committed by either a stranger or someone who is not authorized access to money. Th is is one of the most diﬃ cult aspects of being a victim of embezzlement: Th e business owner realizing that they were betrayed by a person they trusted. • Undercharging. Another common way someone steals money is by undercharging a friend or relative for merchandise. Many times the friend will return the merchandise for a full refund and give the employee a cut of the profi ts. Sometimes the friend will give the employee a kickback for the undercharged merchandise. • Fake payroll employee. One of the more creative ways to embezzle is to add a relative such as a child onto the payroll who is not an employee. Th is can be easily done when a payroll check is electronically deposited and the business owner does not review the payroll summary. • Bogus expense receipts. For some employees sub- mitting bogus expense receipts for reimbursement is common way steal money. A careful review of all expense receipts for reimbursement should be mandatory. A business owner never wants to believe that an entrusted employee would every betray them but it happens. And it happens often. Being an owner of a successful small business is diﬃ cult and normally there is a very small margin for error between success and failure. Be vigilant when it comes to overseeing your company’s fi nances. Don’t be afraid to ask questions and enact appropriate policies and procedures so your business doesn’t become a statistic. As the late Andy Grove said, “If you think you are safe from embezzlement, you’re an easy target”. • Not charging a friend or relative for an expensive item when ringing up merchandise. Th is similar to the under- charging scheme. Th is ploy is eff ective since it appears everything is legitimate and it also avoids the need for a traceable price adjustment. • Fake refunds. A fake refund is diﬃ cult to trace in most cases. In this case, no one really returns any merchan- dise but the clerk will either process a cash refund to her or credit her own credit card. • Fraudulent vendor invoices. Th is is a common trick used by a bookkeeper to commit fraud. Th e bookkeeper will form a dummy company and open a business bank account using the registry number. Th e bookkeeper submits a fake invoice, writes a check from her employer’s account and deposits the check into her bogus business account. O R E G O N BUSINESS CARD BILLBOARD PA RK DA L E H OLLY N ELSON LMT ME TA L WORKS CUSTOM METALWORK Licensed Massage Therapist To Book an Appointment: Cell: 541- 490 - 3351 License # 19313 Book online www.flowhoodriver.com Flow yoga: 118 3rd St. Hood River, Oregon · Relaxation · Sports Lockouts · Theraputic · Reiki BUSINESS FOR SALE  Originate Keys Change Combinations Service Integrity 541  Ye Olde Locke Shoppe OR CCB# 182422 OCLS# 5090 Master Keying  Security Systems Technology Keys 386-5270  PARKDALE | OREGON CLIN TO N 541 399 0540 PA R K DA L E M E TA L WOR K S L LC. 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