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PART 2 – How to Prevent Embezzlement

Have you read Part 1 yet?

HOW CAN I PREVENT EMBEZZLEMENT? 

Smart Hire. Embezzlement cannot be 100% prevented, but you can implement strict measures to minimize the risk that it will happen in your office. The strongest safeguard is to hire honest, reputable employees. Always check references and perform background checks before hiring an employee. Personal character references are generally worthless. Request and check references of former employers. Listen carefully for what is not said if the reference is less than glowing. A good source for online background checks is www.netdetective.com or www.castlebranch.com.

Software Safeguards. Hire a practice management consultant to maximize security controls on your practice-management and accounting software. A good software system will allow you to set up customized security and provide the reports you need to monitor your staff. Learn which specific reports you need to scrutinize daily, weekly, and monthly. “Getting the Most Out of Quickbooks in Your Practice” lists these reports and how to memorize them.

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Is your office embezzle-proof? – Part 1

PART 1 – Recognizing Embezzlement Red Flags

The Dental CFO

You practice dentistry because you enjoy helping patients. At the same time, you went into business to make a profit. What happens when you discover that a trusted employee is stealing your profits?

Think it cannot happen to you? Think again…no one is immune! In this article you will learn to recognize the profiles and modus operandi of embezzlers, safeguards you can implement to protect your practice from being an easy target, as well as what to do if you discover that you are a victim of embezzlement.

WHAT DOES EMBEZZLEMENT COST?

While the monetary cost speaks for itself, even more devastating are the emotional and physical costs. Destroyed trust, time spent in discovery and recovery, legal fees, bad press, shattered relationships, a damaged reputation, lost patients and revenue wreak havoc in the victim’s life. The stress of dealing with all aspects of embezzlement has been shown to create health and emotional issues, simply because the broken trust led to a broken heart. The experience is gut-wrenching and emotionally heart-breaking.

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