If the answer is anything but *I AM!* we need to chat.
I don’t care how busy you are. I don’t care how much you trust your employees. I don’t care if your employees are family members, long-time good friends or your own mother. If you do not at least double-check all financial paperwork and oversee receipts and deposits, you are asking for big trouble.
I am not a CPA or any type of financial expert. But this is a lesson I learned the hard way. Not in my own business, thank goodness. but for an organization where I was elected into a position of authority and responsibility.
After reviewing some financial procedures I realized that the procedures for the handling of cash was quite lax. The organization was receiving verbal “approximate balance” reports for a particular account. When I made an attempt to bring this account up to snuff, procedure-wise, I uncovered a history of shoddy and non-existent record-keeping as well as the absence of approximately $900-$1200. The shoddy record-keeping prevented me from narrowing this figure down any further.
I did what any other responsible person would do, I asked questions. I brought it to attention of the whole leadership. I recommended that we pursue formal action.
I was burned at the stake (figuratively speaking).
I am still perplexed that it was more important to not rock the boat by asking uncomfortable questions of several people than it was to right a financial wrong that had been done to the entire organization.
I wound up resigning my position over this. I was nominated and elected and then further elected to a position of integrity, representation and authority. I treated this organization as if it were my own business. I cared for it deeply and exercised every caution I could in order to protect it. But I was not allowed to protect it when harm to it was discovered.
It now lays bleeding and efforts to quietly patch its wounds are being made.
Why am I telling you this story?
Because I don’t want YOU to learn something like this the hard way. I don’t want you to be taken advantage of. The hard-earned money of your business is YOURS. Don’t trust anyone else that is not bonded by an insurance company to care for your money – and even then, you should keep an administrative eye on it.
Since I’m not a financial expert – I’m going to put a link at the end of this article for you to read that will give you some basic money-handling guidelines. Pay particular attention to the section that talks about checks and balances.
Take care. Of you. And your money.
Christine