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Embezzlement is a type of fraud and theft of monetary value. In embezzlement an employee or person who is in position, converts the property or asset of concerned company or person to his own name through fraudulent activity. It’s a very wrong and bad thing. Embezzlement is considered as theft and is also liable to legal punishment.
In today’s time, embezzlement and hustling is very common due to high ratio of poverty and low wages. In developing countries it is more common because people want to meet their needs and raise their standard of living so they start doing embezzlement. On the other hand some people do embezzlement for their own luxuries. In both cases, embezzlement is wrong and it affects not only the person who is doing but also the company or organization in which he/she working. So to avoid embezzlement an organization can take few steps such as
Don’t be Overconfident
It means a company or organization should not be so confident that embezzlement can’t happen to them. They should be cautious because sometime a minor mistake can cause a company great loss. If a manager close his eyes and trust blindly, it can affect his company easily. Many cases of fraud and embezzlement are filed each day globally and nationally.
Recordkeeping
Second step is keeping record of accounts assets and reserves. However almost every company have a recordkeeping system but it is important for organization to have a check on it that it is working efficiently. Technology is providing great computing software and organization should use it.
Swapping tasks
A good organization always do this because if a same person do same task he can easily do embezzlement so a company or organization should do swapping of tasks so that it will not be that much easier and ratio of embezzlement can be reduced also. And on the other hand it is also good for an employee to perform different tasks which will also help him to gain experience of variety of work.
Audit
An organization should hire external auditors every year to audit their organization. This will also help to reduce embezzlement and show the boss a true picture of his company. This will refrain employees from doing embezzlement because they will know that they will get audited by the end of year and they might get caught.
An entrepreneur can use Payroll Software to be escape from embezzlement and frauds. This software calculates salaries and transfers them to accounts of every employee. In this way no employee can receive more money than his salary. Their taxes and fine deductions are made automatically.
PeopleQlik is the best Payroll and HR Software to avoid embezzlement. It automatically evaluates each employee’s performance and generates fine or reward accordingly. It has built-in tax calculation according to tax regulations of 45 countries. It is user-friendly and accurate. You don’t have to worry about calculating salaries and taxes anymore.