The most important goal of owning a business is to make a profit. However, King realizes that this profit is being jeopardized by many companies’ employees. Embezzlement is the misappropriation of funds placed in one’s trust or belonging to one’s employer. In other words, employees who “steal” from employers daily are being weeded out. In fact, Kessler International research has shown that 95 percent of employees steal in the aspect of time, surfing the web, material, and money; this is The Ugly Truth about Cash.
Sample Questions From The Book:
- What is the difference between what you call the 99% and the
1% of theft?
- What are the three major types of theft?
- What are some simple things you can do to keep the honest
- What are some of the most creative ways to steal that you've found?
- What are some of the everyday things that people steal from businesses?
- Why is getting accurate, timely financial statements important?
- How can you tell if a financial statement is wrong in less that
- Why is a balance sheet more important than a profit and loss statement?
Here are some of the research reports:
a. Kessler International research has shown that 95 percent of employees admit stealing from their employers, including time, surfing the web, in addition to material and money.
b. Hiscox Survey in 2016 showed that US businesses lost an average of $1.13 million in 2016 to their own employees. Small businesses were hit the hardest, with the median loss of $289,864.
c. Association of Fraud Examiners estimates that 7 percent of all business revenues are embezzled each year.
Unfortunately, no one talks about this; most embezzlement and theft is “swept under the rug.” It is a prevalent issue and needs to be publicly addressed.