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Additionally, the books are often a mess of unreconciled accounts, unclassified or misclassified transactions, and outdated balance sheets.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.
Vantaca’s Balancing Act
Audrey Elsberry
-
May 17, 2024
|
|
Channel, UNC Law School Aid Wilmington Small Businesses
Audrey Elsberry
-
May 16, 2024
|
|
Developers Mark Opening Of $78M Apartment Project At Riverlights
Staff Reports
-
May 17, 2024
|
|
Two Apartment Projects Pitched For Kerr Avenue
Emma Dill
-
May 17, 2024
|
|
As Hurricane Season Heats Up, How Do Builders, Laws Prep Homes For Storms?
Emma Dill
-
May 17, 2024
|
The damage caused by Hurricane Florence in 2018 throughout the region put a bigger spotlight on the need for the construction industry to fa...
Adam Isley, founder of a spatial medtech applications and experiences company Artemis Immersive, shares his top tech and info picks....
Ocean City Beach was established in 1949 and became the first community in the state where Black people could purchase oceanfront property....
The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.