SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
8620 North New Braunfels Suite 300, San Antonio, TX 78217
Phone: 210-340-8351
Fax: 210-340-8359
Website: theKFORDgroup.com
December 2023
December 2023 Client Profile
Scott owns a popular coffee shop. Earlier in the year, he noticed a discrepancy in stock. It turned out to be petty theft by an employee. The employee was terminated, and Scott reported the loss to his insurer, who recommended he take these steps to help prevent future losses:
- Require criminal background checks of all new employees.
- Separate duties so no one employee is responsible for making transactions and handling money.
- Develop fraud prevention policies and communicate them and the disciplinary measures for violations.
- Perform routine financial audits.
- Check stock and equipment regularly.
- Provide an anonymous means for employees to report suspicious activity.
Scott's accountant also pointed out that for income tax purposes, Scott should be able to deduct any part of the loss not covered by the insurer — the deductible, for instance — if all other tax requirements are met.
Client Profile is based on a hypothetical situation. The solutions discussed may or may not be appropriate for you.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.