Financial
May 1, 2024

Are You Protected from Employee Theft?

Sponsored Content provided by Gretchen Roberts - CEO, Red Bike Advisors

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Additionally, the books are often a mess of unreconciled accounts, unclassified or misclassified transactions, and outdated balance sheets.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. 
 

How clean books help prevent fraud (and help your business thrive)

 
Don’t risk your business with sloppy books or sloppy financial controls. Here are three steps to staying on top of your numbers so you always know what’s happening in your business.
 
Step 1: Mitigate Risk: Outsource your accounting and bookkeeping to a professional firm that will help you establish good internal and external controls that mitigate the risk of theft, fraud, and loss. 
 
You can still use your internal person for a piece or two of the whole financial workflow, such as invoicing customers. 
 
Step 2: Know Your Numbers: If you don't have a handle on your finances, no one does. Start by spotting potential issues, and graduate to analyzing the financial patterns of your business that will help you grow and thrive. 
 
(Bonus) Step 3: Grab Those Tax Breaks: Classify deductible items properly to maximize tax deductions. We've often reviewed books and found tax breaks buried deep in the general ledger in the wrong category.
 
Build the business you've always wanted. Let us handle the finances.
 
Book a free strategy session and learn more about our year-round accounting, tax, and advisory services.

Redbikeadvisors block
Ico insights

INSIGHTS

SPONSORS' CONTENT
Screenshot2022 01 06at338 162234623

Food is the Foundation for Prosperous Communities

Girard Newkirk - Genesis Block
Headshotrosaliecalarco 1182131047

Beware of Online Holiday Shopping Scams

Jasonpathfinder3

Private Equity Goes Public (Sort Of): What Investors Need to Know

Jason Wheeler - Pathfinder Wealth Consulting

Trending News

City To Consider New Leases For Fintech Firm, Senator's Office

Emma Dill - Jul 15, 2025

Leland-based Firm's Product Earns Innovation Award

Staff Reports - Jul 15, 2025

Tree Alliance Announces New Board Members

Staff Reports - Jul 15, 2025

Ullucci Named Founding Director Of Physical Therapy Doctoral Program

Staff Reports - Jul 15, 2025

TD Bank Promotes Johnson To Retail Market President Of Mid-South Metro

Staff Reports - Jul 15, 2025

In The Current Issue

Shop’s Owners Share Spooky Tales

Kim and John Hirchak, founders and owners of The Black Cat Shoppe, launched the first formal 90-minute ghost walk in 1999....


Unraveling A Film Industry Slump

The slowdown has affected the number of projects being shot in the area, and more attractive incentives offered by other countries have also...


Research Project Gets $1M Infusion

The funding will launch joint Novant Health and UNC School of Medicine studies focusing on evaluating tools that expand access to prenatal s...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season