On Thursday, February 7, we're offering a free, 1-hour CPE course for U.S. based accountants and CFPs. You can sign up at this link.
We own and operate the first Montana based series LLC named Aegis. We run it in conjunction with Aceterrus Insurance Resources
Last week, I noted that employee theft is a remarkably widespread problem. The reason is simple: there are numerous avenues available for employees to steal. Here are the most common paths taken:
Larceny: taking cash or property from the business. This category covers everything from taking cash out of the cash register to stealing inventory from the loading dock.
Embezzlement: theft of cash or property by someone in a position of trust, like a bookkeeper or senior executive.
Billing Schemes: setting up a false vendor account and paying the vendor (actually the employee) for nonexistent goods or services.
Payroll Schemes: falsifying timecards to get paid for more hours than actually worked, or writing payroll checks to “phantom employees.”
Expense Reimbursement Schemes: padding expense reports by adding items that were never incurred or were not business-related.
Time Theft: using company time to conduct personal business.
Information Theft: supplying proprietary information such as customer lists or trade secrets to a competitor.
Captive insurance companies are offer businesses the ability to customize plans and procedures to their unique circumstances. They also provide an incentive for business to cut risk exposure. Please call me at 832.330.4101 if you'd like to learn more.