Employee Fraud: Tips to Prevent Fraud and Profit Leaks [RR 890]

<div class="text-lg pt-4 text-left prose-lg"> Vic Tarasik is eager to share his insights and personal experiences with fraud, a subject that's not always pleasant but is crucial to address. As Ronald Reagan famously said, "Trust but verify." Trust is vital in business relationships, but so is verification. Vic highlights the need for proper documentation, procedures, systems in place to prevent fraud, cash management and the potential for fraud in parts purchases. He advises shop owners not to assume they are immune to fraud. Vic Tarasik, CEO of <a href="http://www.shopownercoach.com/" target="_blank" rel="noopener">Shop Owner Coach.</a> Vic’s previous episodes <a href="https://remarkableresults.biz/?s=%22vic+tarasik%22" target="_blank" rel="noopener">HERE</a>. </div> Show Notes <div class="px-10"> <div class="text-lg pt-4 text-left prose-lg"> <div class="text-lg pt-4 text-left prose-lg"> <ul> <li><strong><a href="https://www.youtube.com/watch?v=P_b6DgHUcFA&amp;t=49s" target="_blank" rel="noopener">Watch Full Video</a></strong></li> <li>The importance of trust and verification (00:01:49) Discussion on the importance of trust but verify in business relationships and the need for systems to keep people accountable.</li> <li>Personal experience with fraud in shop ownership (00:02:47) Vic shares his personal experience with fraud in his first four years of shop ownership and the consequences of not having verification systems in place.</li> <li>Managing cash and verifying deposits (00:06:14) The importance of managing cash, verifying bank deposits, and the responsibility of shop owners to ensure every dime and penny is accounted for.</li> <li>Fraud by an employee (00:09:34) Vic reveals how one of his employees committed fraud by zeroing out an invoice and pocketing the money, highlighting the need for trust and verification in business.</li> <li>Importance of consequences (00:16:34) Carm and Vic discuss the importance of having serious consequences, such as jail time or termination, for employees who c