Written by Reed Tinsley, CPA |
August 3, 2012
Remember if left unaccounted for and/or if a lack of oversight exists, an employee can set up a phony vendor account(s). Payments made to this phony vendor are actually deposited into the employee’s bank account. In another embezzlement scheme I've seen involving medical supplies, a real vendor is overpaid and the vendor pays the employee a kickback. So the moral of the story here is simple: How good are your internal controls with regard to vendor payments and vendor relations?
About the Author
Reed Tinsley CPA
This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on
accounting & tax,
practice management, and
financial planning.
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