BC Advantage - 2016 Issue 8

Safeguarding the Practice from Embezzlement

Whenever money is involved, inevitably the green-eyed monster gets involved too. Jealousy and greed go hand in hand with money. Each practice should have a systemic approach to safeguarding the practice's money. Not every approach works for every practice, but there are some key elements to developing a financial management system:Develop internal controls whereby a background check of each employee is always conducted prior to employment. Any employee with a negative report (theft, fraud, and abuse violations) is not eligible for hire. The practice should also consider bonding all employees who are directly responsible for the accounting and bookkeeping...

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