418: Steps Construction Company Owners Can Take To Avoid Employee Fraud

<h1 style="text-align: center;"><span style= "color: #0000ff;"><strong>This Podcast Is Episode Number 418, And It's About Steps Construction Company Owners Can Take To Avoid Employee Fraud</strong></span></h1> <p><span data-preserver-spaces="true">Billing schemes. Skimming. Check-tampering. Employee fraud is a real risk for businesses with fewer than 100 employees. In fact, according to the </span><a href= "https://www.acfe.com/uploadedFiles/ACFE_Website/Content/rttn/2018/Fraud-in-Small-Business.pdf?utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-8PYBIgdcaG7HtL7q6i5_y530QM7MaD8DNDSPh5xfY_yh6LRzS172l7HPFE_9bVIx2REZ5d" target="_blank" rel="noopener"><span data-preserver-spaces= "true">Association of Certified Fraud Examiners</span></a><span data-preserver-spaces="true">, small businesses lose almost twice as much per scheme to occupational fraud.</span></p> <p><span data-preserver-spaces="true">If you Google Search "Construction Bookkeeper Embezzlement," you will see thousands of hits, and most of the problems construction companies suffered could have been avoided if the owner had known about and followed a few simple guidelines.</span></p> <p><span data-preserver-spaces="true">Unfortunately, until a contractor has gotten to know us, they tend to think of us as just another contractor's bookkeeping service. This means some contractors think we are crazy to suggest that any trusted employee, especially an in-house bookkeeper, would steal money from their company, and so they ignore us until it was too late.</span></p> <div> <p style="font-weight: bold;"><span style="color: #0600ff;">Be aware of the "Employee Theft 10-10-80" Rule</span></p> <p><span data-preserver-spaces="true">Discovered over many years of experience and first-hand observation by auditors, accountants, fraud examiners, anyone involved in detecting employee theft.</span></p> <p><strong><span data-preserver-spaces="true">Ten Percent - </span></strong><span data-preserver-spaces="true">Of all employees, including bookkeepers, will steal in a varie