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Stealing Money from the Company

Canadian Firms lose $20 billion dollars every year to internal thefts. Here are the ways theses thefts took place by means of Stealing Money from the Company.

Taking Money from the Till

Of course you wouldn’t just take it out of the machine because the machine takes account how much money should be in the register. But suppose you’re a cashier and somebody buys $100 worth of goods. You ring it up and after the customer leaves (and nobody is watching of course!) you cancel the sale and put the 100 bucks into your pocket… One woman investigated by a forensic accountant Don Holmes, at Ernst & Young did a variation on this standard method. She worked at a Lumber Store, and at the end of each day she worked she would destroy the sales made inside the cash register and do her own factious record with a lower total. By pocketing the difference, she did the company out of $500,000 over 18 months. What she didn’t know is that the counter in the register recorded every transaction she made with a sequential number. She was undone when Holmes discovered gaps between the numbers from one day to the next. One other way is to take it directly from the customer into your pocket..

A. If you work at a local variety store It’ll be easy just take to money without ring it in..

B. If you work at a store where merchandise is recorded with a serial number well it’s a bit harder because the customer may notice what you’re doing.

Getting Control of Cash Receipts

This only works if you are a trusted senior manager of just a manager of a non-chain store (Chains can usually hire accountants to and have experiences with Internal thefts. Also what is I’ll get the new HD in July.. Life is screwy.. But I like it..Don’t You? Important is if the managers are dumd enough to let you have control of all the receipts. If you can keep them from knowing how much cash is accutally being taken in, it’s pretty obvious taht you can keep alot of it to yourself. By swiping amounts of $50-$200 in this ways over a period of 5 years, a woman investigated by Ted Baskerville, partener at Peat Marwick Thorne, took home $500,000, thats 100,000 a year +your salary already, from a firm in Toronto. The case hasn’t yet gone to court but Baskerville said that she was able to dominate the staff, and because she knew teh weaknesses of an accounting system that hadn’t kept with pace with the growth of the business.

Stealing Inventory

Well you just don’t walk out the door with an armload of stuff. You could do what they do in Janie’s Addiction video “Caught Stealing” where a man walks into the store with a bag and goes straight into the washroom and put on an outfit that would make it look as if you were pregnant, then put on some makeup. Within the outfit are pouches that you fillup while you roam the store’s warez. But if you want to be sucessful starting a Time-Hounoured Plan that will enrich yourself at the company’s expense you have to be a little more sophiticated. One of the cases solved by Holmes was when a Manager of a Company set up a competing company which sold the same product. He sold the products of the company he worked for to his competing company and with his authority to reduce the amount owing though cresit debts. He would even send customers to his own company. Other ways include a purchaser of a construction company over- ordered materials to sites a day before it was to be used, at night the uneeded materials were picked up and sold on the Black Market

This concludes the article on Stealing Money from the Company. Be aware and be safe!

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