In a recent article published by The Hartford on Small Biz Ahead, the author writes about fraud and employee theft in small businesses. Here are some of the statistics quoted in the article:
“Here are some sobering statistics for small business owners: 75 percent of employees admit to stealing from their employer at least once, and 38 percent say they have stolen twice or more. In 2015, employees who stole took an average of $175,000 from businesses of all sizes—a loss many small businesses can’t survive. In fact, an estimated one-third of all small businesses go bankrupt because of employee theft.”
At Expex, we designed and bookkeeping app to include safeguards to prevent employee theft. Carly is the last bookkeeper you will ever hire and as such, she provides small businesses with complete financial visibility, insight into cash flow, and the ability to operate their businesses more efficiently, with improved profitability and cash flow.
Best practices in any business require separating accounting functions so that no one person has control over the entire process. Expex provides the ability to set access and administrative rights for separating accounting functions so that you can deploy controls within your business.
Employee theft can significantly impact a small business and not just financially. Fraud and theft impacts all employees, profitability, and company culture. As a business owner, often times we look at our employees as family and that can create a blind side and opportunity for theft.
Take a few moments and contact us to view a 15-minute demo of Expex and see how your business can perform more efficiently, effectively and safely.