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n e w h a v e n b i z . c o m | F e b r u a r y 2 0 2 1 | n e w h a v e n B I Z 15 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, our goal simple: To provide our complete design, planning construction services industrial and retail on years of experience, competitive and offer When the strictest attention is critical to your success, always count on Borghesi From concept to occupancy, is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … In 2018, global insurer Hiscox surveyed 200 U.S. chief financial officers, controllers and accountants who have worked in a company where embezzlement has occurred. employers do to prevent or detect embezzlement? "It is always the same — the owner needs to be looking at things," Pedneault said. "Watching the finances and having decent controls in place is important. I don't think any businesses can afford to have any sort of bleed now." He recommends that business owners review all bank and credit card statements. An employee with access to the business' credit card could use it for personal expenses. Business owners also need to make sure all sales are recorded, and money that should be hitting the bank actually gets deposited, Pedneault advises. "This is the time to be vigilant," Pedneault said. "It was President Reagan who said, 'Trust, but verify.' " Any internal controls or checks and balances should be tiered, he says. Look at your business' internal controls, positions and potential vulnerabilities. Even for a small business with only a few employees and little time to search for problems, an outside bookkeeper or accountant can help. SCORE, a nonprofit and network of business mentors, recommends unannounced internal audits, and having an outside firm conduct an audit annually. Embezzlers can find a variety of ways to steal from all types of companies. A restaurant, for example, might have sales not rung up, and the thief pockets the cash instead. A medical office might have seen patients all day, but not have payments logged for all of them. According to Rudewicz, embezzlement is most likely to happen when multiple factors are in play, including opportunity, financial pressure, access and rationalization. To reduce the opportunity and access, he also recommends a system of checks and balances. You need to have different people creating invoices and paying them, according to Rudewicz. Rudewicz also noted that for many embezzlement cases, a long-term employee is the fraudster. He suggests having audits, software alarms, and a second set of eyes reviewing any checks that go out. He advises that businesses do fraud risk assessments regularly, and know exactly who has access and who is responsible for which duties. With remote employees having continuous access, business owners should periodically check for unusual activity — such as if someone is logging on in the middle of the night, even though they typically work 9 to 5, Rudewicz said. During his career, Rudewicz has seen cases where employees have stolen millions by using a corporate credit card. Therefore, he recommends that business owners check monthly statements. He also advises setting up parameters with your credit card company so you get an alert if a charge is made above a certain amount. Learning from experience Joyce Bellamy, owner of Best Choice Home Health Care, discovered the theft from her business after reviewing payroll records. Her advice to other businesses looking to avoid being victimized? Screen potential employees well and check references thoroughly. "Pay attention to the ledger more," Bellamy says. "Even if somebody is a good employee, you still have to do the math and check what you need to check." Since her experience, she now has more than one person handling payroll for her company, and she reviews information herself too. Donald Masters, president and CEO of Artificial Cell Technologies Inc., says his company has instituted new protocols since it was impacted by embezzlement. Any company credit card purchases, for example, get reviewed directly by Masters. "I see what was purchased and when," Masters says. "The more people with eyes on the financials, the better. You need to have layers of people looking over people's shoulders." n 79% n Percent of cases included more than one perpetrator. The average number invloved was three. Embezzlement by the numbers 85% n Percent of cases were perpetrated by someone at the manager level or above. 70% n Percent of cases lasted more that a year. 31% n Percent of crimes went on for three years or longer. 39% n Percent of those who experienced embezzlement saw more than one case in their career. 33% n Percent of perpetrators worked in the accounting or finance department. 39% n Percent of embezzled funds were recovered on average, through settlements, restitution or insurance. Frank Rudewicz

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