Vail Daily letter: Workplace theft
Vail, CO, Colorado
I read the article in the Vail Daily on Sunday about the theft of $11,000 from a company when the owner was out of town.
This is a common event no matter how small or large the company. I have seen this in private and public companies over the years.
No matter how small the company is, owners need to take every precaution that their employees do not have the opportunity to take money, supplies and inventory from their company.
It is normal for people to trust their employees and not suspect wrongdoing on their part. Regardless of trust, internal controls are necessary to avoid such losses. Even with small companies, internal controls are possible.
Generally the loss to a small business from fraud is far greater than the cost of hiring a more experienced and trustworthy employee and implementing internal controls.
Between legal costs, retraining and the likelihood that the loss will not be recovered, internal controls are more cost effective.
Good luck to the local business in the recovery of its loss. Let’s hope that this article will be a good lesson to all businesses in the valley to consider implementing internal controls to avoid such financial losses in their business.