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EMBEZZLEMENT - Here we go again.

EMBEZZLEMENT - Here we go again.

10/7/2015 1:08:11 PM   |   Comments: 0   |   Views: 145

I have heard this many times. "Eric, we are fine. Betty has worked for me 15 years. I know her friends, I have visited with her family, I have even gone to her daughters wedding. She has done so much for the practice I just don't even know how we would get by without her."

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EMBEZZLEMENT - Here we go again.

3 out of 5 dental practices will fall victim to this. Don't Believe me? Read on...
READ THE FULL ARTICLE HERE

THE AVERAGE EMBEZZLEMENT CASE IS OVER $100,000


STOP PLAYING THE VICTIM

I have heard this many times. "Eric, we are fine. Betty has worked for me 15 years. I know her friends, I have visited with her family, I have even gone to her daughters wedding. She has done so much for the practice I just don't even know how we would get by without her."
Sound familiar?
Well let me tell you something about your Betty. Statistically speaking you could not be any more at risk to a possible embezzlement opportunity.
1. Betty has made herself indispensable by taking on all the financial responsibilities, and taking the "burden" of patient finances and company bills.
2. Betty may say things like "we don't need any help" or "I have this under control" or she may challenge you when you find a discrepancy.
3. Betty probably has more than 10 years with the practice and fully understands how cash moves though the office including bank reconciliations, credit card processing and accounts receivable posting. She probably is responsible for all these activities.
So what do I do?
1. Get Betty out of the checkbook. Online bill pay systems like Bill.com allow check creation and doctor electronic signatures without Betty having access to the bank account.
2. Have someone review Betty's work. Online accounting software like XERO.com allows you to reconcile the daily collection sheets to the daily bank account deposits.
3. Cross train and insist someone else do Betty's work while she is on vacation, don't let it pile up and let her be a martyr when she returns.

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to schedule a FREE 30-minute talk about how to avoid falling victim to these crimes.


800.790.5420
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