accounting

Seven Actions To Prevent Embezzlement in Agribusinesses


Running a business, even in agriculture, requires having a sense of how the operations are working and keeping an eye on potential trouble spots. When money is involved, the opportunity for theft does exist. Having in place controls and process to keep theft away is an important management responsibility.
Unfortunately, embezzlement is not uncommon and is often difficult to detect. Embezzlement is a crime of opportunity and trust. A person who is trusted is placed in a position that allows him or her complete access to the financial data of the business, typically with minimal or no oversight by the supervisor or owner. The best way to prevent embezzlement is to first, be honest yourself in your activities.
Here are 7 actions to take:
  • Assign designated duties.
  • The owner should review reports.
  • Review your bank statement.
  • Know where your money is going.
  • Establish office policies.
  • Watch your overhead numbers.
  • Be a fair, consistent, honest leader.
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