Employee theft is the reason for more than 30% of small business bankruptcies, according to the Better Business Bureau.
And that's not even counting the businesses that are stolen from, but don't actually go bankrupt.
How does this happen?
Most small business owners don't know what they don't know, and that includes how the bookkeeping sausage is made.
They often rely on a single “do-it-all” office person to keep the books, write checks, run payroll, deal with vendors, and invoice customers.
That’s a lot of power and control in one place, even if you implicitly trust that person.
Additionally, the books are often a mess of unreconciled accounts, unclassified or misclassified transactions, and outdated balance sheets. Why? Because a bookkeeper classifies transactions and keeps you organized, but isn’t necessarily trained to do higher-level work that truly ties together your profit and loss, balance sheet, and cash flow statement.
If you don’t have this level of clean, accurate books, you don't really know your numbers.
Which means if anyone is stealing from you, you probably have no idea.
It happens all the time and is expensive, both financially and emotionally.
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The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.