Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    From $11.99/month after trial. Cancel anytime.

    Disappearing Profits
    Disappearing Profits
    Disappearing Profits
    Ebook47 pages30 minutes

    Disappearing Profits

    By Dave Guenthner

    ()

    Read preview

    About this ebook

    Who's stealing from your business? What are they taking and how do they do it? How do you stop them?
    According to the Association of Fraud Examiners, the amount of money reported lost to business fraud each year is estimated at 6% to 10% of company revenues. That is over $400 billion dollars per year reported as lost to fraud.
    Disappearing Profits defines fraud, identifies the types of businesses most susceptible to fraud, the employee's most likely to steal from a business, how they steal and what you can do to stop the stealing.
    If you've been in business for more than a year and you have over five employees, you have probably been the victim of some sort of business fraud. The fraud may not have resulted in a significant loss to the company … yet. The fraud may go undetected for years. Fraud always happens in a company that doesn't think it can happen to them. If they thought it could, they would do something about it.
    How would you answer these ten questions at your company?
    Do you have a written code of conduct and ethics policy that all employees' have been trained on and agreed to?
    Do you live by the code of conduct and ethics policy? Are you a good example?
    Do you have a culture that rewards compliance with company policy and punishes non-compliance?
    Do you separate the asset responsibility from the record keeping?
    Do you review the work of your longest tenured, most trusted employees on a periodic basis?
    Do you know every vendor you deal with, why you deal with them and what they provide to the company?
    Do you get a control listing of checks received and compare it to the deposit slip on a daily basis?
    Do you review your credit card statements monthly and verify that all charges are legitimate company expenses?
    Do customers claim they never got the merchandise you invoiced?
    Can inventory write-offs be explained?
    If the answer to one or more of these questions is no, you have an environment that is an opportunity for someone to commit a fraud against your company. The question is not if fraud has or will occur, the questions are who, when and how the fraud will occur.

    LanguageEnglish
    PublisherDave Guenthner
    Release dateAug 15, 2012
    ISBN9781476027173
    Disappearing Profits
    Author

    Dave Guenthner

    Dave Guenthner is a business executive, consultant, speaker, author and avid golfer. Born and raised in South Dakota, Dave received his Bachelors degree in business and attended law school at the University of South Dakota. Dave resides and golf's in Omaha, Nebraska. Dave has played the "business course" under par in several different industries and companies in his 30 + year career. He began his career as a Certified Public Accountant and has held senior executive positions in companies in food products, manufacturing, distribution, medical staffing and information technology. Dave co-founded and was instrumental in growing a company, InaCom, from an idea into a $6 billion publicly traded Fortune 500 company. He has worked with companies that have been named numerous times to the Inc. 500 fastest growing private companies in the United States. Dave writes about business and is focused on sharing his experiences to help other executives and companies optimize their business and achieve their growth and profitability goals. When he golf's, Dave always shoots in the 70's….the only question is how many holes he has to play before the round is finished.

    Related to Disappearing Profits

    Related ebooks

    Accounting & Bookkeeping For You

    View More
    View More

    Related podcast episodes

    Related articles

    • UNLIMITED

      The Use Of Trusts For Business And Trading

      May 15, 2021

      BANKRUPTCIES in South Africa averaged 229 companies a month from 1980 until 2020. In August last year, an all-time high of 511 companies declared bankruptcy, compared to the record low of 63 companies in May 1988. The projected bankruptcies for 2021

      3 min read

    • UNLIMITED

      Equifax To Pay Up To $700 Million In Data Breach Settlement

      Jul 22, 2019

      The credit reporting agency will pay up to $700 million in fines and monetary relief to consumers over a 2017 data breach that affected nearly 150 million people.

      2 min read

    • UNLIMITED

      Know Your Rights

      Sep 16, 2021

      When buying a motorhome, it’s important to know your rights if something goes wrong. The Consumer Rights Act (CRA) is designed to make consumer law easier to understand, so customers can buy and businesses can sell in confidence, each knowing where t

      3 min read

    • UNLIMITED

      Don’t Assume A Trustee Has The Board’s Authority To Act

      Nov 21, 2020

      OUTSIDE parties that deal with a trust often assume the trustees have both the authority and capacity to enter into transactions binding the trust. If trustees have not ensured that these requirements are met, to what extent can these outside parties

      3 min read

    • UNLIMITED

      What’s Your (Legal Entity) Type?

      Jun 1, 2017

      “CHOOSING A BUSINESS ENTITY is like looking into the crystal ball of your company’s future,” says Chip Wry, a member of Waltham, Massachusetts–based law firm Morse Barnes-Brown & Pendleton. Before you can move toward that future, you have to know the

      3 min read

    • UNLIMITED

      Social Security: 8 Must-Know Facts About Your Benefits

      Jul 14, 2022

      If someone offered you a million bucks to put toward your retirement, chances are you'd want to get the best use of this windfall. But David Freitag, a financial planning consultant and Social Security expert for MassMutual, finds retirees don't thin

      5 min read

    • UNLIMITED

      How to Complain and Get Results

      Aug 29, 2019

      Taking a complaint to customer service can be maddening. No one wants to deal with endless phone trees, outsourced representatives working from inflexible scripts, automated responses or chatbots. "Despite saying they provide more ways than ever to c

      4 min read

    • UNLIMITED

      Should You Do Your Own Taxes or Hire a Professional?

      Jan 30, 2020

      For some people, tax season poses little worry, and the process occurs painlessly. Simply populate the requisite fields on your 1040 with info from your W-2, claim the standard deduction, sign on the dotted line and e-file. After that, the check is

      4 min read

    • UNLIMITED

      Could Your Trust Be Disregarded By The Courts?

      Mar 20, 2021

      THE fact that you have a written trust deed is no guarantee that your assets are secure and the trust is safe from attack. If you never intended to create a genuine trust from the outset, it may be attacked and labelled a sham trust. On the other han

      3 min read

    • UNLIMITED

      How Transfer-on-Death Accounts Can Fit Into Your Estate Planning

      Mar 18, 2019

      My wife and I, like most married couples, share a bank account from which either of us can write checks and add or withdraw funds without consent from the other. If my wife outlives me, the account will be hers alone, which my Last Will can't change.

      4 min read

    • UNLIMITED

      The One Simple Move Keeping Americans From Getting Bigger Tax Refunds This Year

      Feb 14, 2019

      Take a vacation? Pay off bills? Buy a new car? If you're thinking of ways to spend this year's tax refund before filing your return ... wait! Trying to predict how much you'll get back (or pay in) this year is extremely difficult. Plus, even if your

      3 min read

    • UNLIMITED

      Give Cash Now, Cut Your Estate Tax Later

      Dec 1, 2021

      Are you having trouble finding gifts those "hard to shop for" relatives? Don't waste any more time trying to find something they might want – give 'em cash! Everyone likes money, right? Plus, giving money to family or friends can also be a smart tax

      2 min read

    • UNLIMITED

      What a Beneficiary Controlled Trust Can Do to Protect Your Legacy After You Are Gone

      Sep 13, 2021

      Many estate planners believe that their job is done when the beneficiaries avoid probate and receive their inheritance. However, when beneficiaries receive their inheritance in their name outright, that needlessly exposes the legacy you leave to the

      4 min read

    • UNLIMITED

      CFPB Chief Says Education Department Is Blocking Student Loan Oversight

      May 16, 2019

      The Consumer Financial Protection Bureau's Kathy Kraninger says the department is getting in the way of efforts to police the student loan industry. The revelation comes in a letter obtained by NPR.

      7 min read

    • UNLIMITED

      Charitable Giving Under the New Tax Law

      Mar 8, 2018

      The chance to get a deduction for their generosity often motivates charitable givers to become even more generous and write larger checks. But under the Tax Cuts and Jobs Act, far fewer taxpayers will itemize deductions when they file their tax retur

      9 min read

    • UNLIMITED

      Are Debt Collectors Overcharging You? How to Protect Yourself

      Aug 25, 2022

      It’s tough enough trying to get ahead of a debt that’s gone to collection; it’s worse when a debt collector piles on fees, charging you extra to give them money. Yep, that’s right. According to federal officials, some debt collectors charge consumers

      3 min read

    • UNLIMITED

      Trapped by Capital Gains? Opportunity Zone Funds Provide a Way Out

      Nov 29, 2019

      It's tough to think of a highly appreciated asset as the problem child in a portfolio. The goal is to choose investments that will flourish, after all. And those strong performers are typically the ones you love best and hold onto the longest. But t

      2 min read

    • UNLIMITED

      Smart Strategies for Couples That Run a Business Together

      Apr 21, 2022

      Gail Nott was a marketing consultant and her husband, Cory, a tech consultant, when they joined forces in 2018 to help other consulting and coaching businesses expand. Married since 2005, Gail, 46, and Cory, 53, of Nicasio, Calif., found it tough goi

      5 min read

    • UNLIMITED

      What To Consider When A Trust Is Involved In Legal Action

      Oct 17, 2020

      ANY LEGAL action by a trust must be properly brought in the names of the trustees. Since a trust is not a person and cannot act, when litigation is initiated the action must be brought (or defended) by its trustees. Although it is desirable to cite t

      3 min read

    • UNLIMITED

      Tax-Free Investment Strategies

      Sep 23, 2019

      "There's one for you, 19 for me, cuz I'm the tax man" was from the first tax protest song as performed by the Beatles. You see, Britain imposed the 95% tax bracket on the Fab Four, leaving them with 1 pound for every 19 pounds paid in taxes. In the

      4 min read

    • UNLIMITED

      Alaska Court Just KO'd Domestic Asset Protection Trusts

      Mar 9, 2018

      Over 15 million lawsuits are filed in the U.S. each year, so protecting your assets from a financially ruinous lawsuit has never been more important. But one common way of doing that -- a domestic asset protection trust (DAPT) -- just took a big hit

      3 min read

    • UNLIMITED

      Beneficiary Designations: 5 Critical Mistakes to Avoid

      Apr 5, 2019

      Many people might not realize that their will does not control who inherits all of their assets when they die. Many assets pass by beneficiary designation -- which is the ability to fill out a form with the financial company holding the asset and na

      3 min read

    Related categories

    Reviews for Disappearing Profits

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Disappearing Profits - Dave Guenthner

      DISAPPEARING PROFITS

      Business Fraud And How To Stop It

      By Dave Guenthner

      -

      Published by Dave Guenthner at Smashwords

      Copyright 2012 Dave Guenthner

      License Notes: This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this ebook with another person, please purchase an additional copy for each person you share it with. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then you should return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      TABLE OF CONTENTS

      HOW: BUSINESS FRAUD HAPPENS

      WHO: THE TARGET

      WHAT IS FRAUD

      THE COST OF FRAUD

      WHO COMMITS FRAUD

      WHY EMPLOYEES COMMIT FRAUD

      WHAT AND HOW

      SEVEN WARNING SIGNS

      PROTECTING AGAINST FRAUD

      CONCLUSION

      FRAUD RISK EVALUATION

      CODE OF CONDUCT AND ETHICS

      PERSONAL FRAUD PROTECTION

      ABOUT THE AUTHOR

      HOW: BUSINESS FRAUD HAPPENS

      A while back I got a call from a client. He was angry. There was a tone of shock, denial and disbelief in his voice.

      Dave, I can’t believe it. I’m pretty sure, no, I’m positive one of my employees’, the controller I hired six months ago, is stealing from me.

      I asked, Why do you think that?

      I read about him in the paper. He was called to testify at a gambling trial. In his testimony he said that he had stolen from his previous employer. I asked him if he was stealing from us and he said he couldn’t say that he wasn’t.

      How did he do it and how much did he take? I asked.

      I don’t know how he did it but he said I signed all the checks for the cash that he stole. He claims that he only took a few thousand dollars but given our cash flow lately, it could have been a lot more.

      I went to the client’s office. After talking to the controller and reviewing checks for a few months, a pattern began to develop. The controller made the payroll tax deposits for the company. The checks were made out to the bank and deposited in a special bank account. The controller had opened his own account and was having the President occasionally sign checks for payroll tax deposits that were duplicates. My client wasn’t paying attention and missed what was going on. The controller had stolen over $200,000 from the company

      Enjoying the preview?
      Page 1 of 1