Issue link: http://www.insightdigital.biz/i/133826
Brown County's Lasee says fairness requires prosecution. Many embezzlement cases aren't uncovered until $100,000 or more has disappeared. "You can't give that person a pass," Lasee says. "If you jail someone for stealing $1,000 from Walmart, it is only fair to take action against someone who took $100,000 from their employer." Mathias says owners' responses vary widely. "Some people are out for blood and want to prosecute. That can be a very costly endeavor because you generally have to hire a fraud specialist to come in and help put the case together. You want to be able to go to law enforcement so they don't have to do the investigation; they don't have the resources to follow up on all their fraud complaints." Insurance may cover all or part of the loss, which could justify hiring a fraud specialist. "If you have insurance, you want someone in there who knows what they A closer look Advice for business owners Mark DeBroux, a CPA at Schenck in Appleton, writes: » Employ people who can be trusted. Check references when hiring. » Pay employees a fair wage. » As an owner, set a good example. » Make it hard for someone to steal by balancing reports and making deposits every day. » Provide receipts to patients who make payment in the office,using pre-numbered receipts. » Bill all patient accounts monthly. » Once an account is determined to be uncollectable, write it off and send it to a collection agency. are doing so you can submit a claim in a nice package case and the insurance company sees there is fraud and agrees to a payment," Mathias says. His advice to owners who discover fraud is to bring in an expert for a couple of hours and get their advice. More often than not the business owner just wants to forget about it and » Involve more than one staff member in all financial aspects of the practice. » Use a computer system to generate checks and use a pen with permanent or nonwashable ink to sign. » Install a time clock. » Require all staff members to take at least five continuous days of vacation, and cross train other staff to complete their tasks while that employee is on vacation. » Make use of passwords on practice management systems allowing staff to access only the modules they need, and change passwords at least four times a year. » If you use online banking, be sure to verify who has access and passwords. move on, he adds. Some, perhaps one in 10, keep the fraudster employed, which he regards as a huge mistake. Mathias says the solution to preventing most fraud is simple – have a second person, an outside bookkeeper or a spouse for example, reconcile the books every single month. "Make sure the checks [continued] » professionals ...where emerge as leaders. One Master of Business Administration Degree. Two Paths. Professional & Executive. Thinking about getting your MBA? Choose the path that fits your level of experience, career goals and time commitment. Discover how our Professional MBA could be right for you or find out about our new Executive MBA in Appleton starting in Fall 2013. For more information, call 920-424-3199 or toll-free 800-633-1430 or visit uwosh.edu/go/mba. Holly Brenner, BBA '98, MBA '09 Director of Marketing & Business Development Agnesian HealthCare, Fond du Lac w w w. i n s i g h t o n b u s i n e s s . c o m J u n e 2 013 • Insight | 33