How to Protect your Business from Employee Theft
Employee theft is increasing – the scope ranges from stealing inventory and padding time to taking money from the till. Many times, theft is a result of opportunity and incentive to steal. Employee theft can go unnoticed for years until your company hits a wall. Fortunately, early detection has never been easier with the convenience of a POS System (Point of Sale) and its many features.
A POS system allows your customer payments to be displayed and authorizes transactions to be executed. This compact system can also monitor employee engagements with your company. You will be able to use many of the numerous features such as…
- Managing your inventory
- Control inventory shrinkage
- Following company sales reports
- Outlining your best-selling products
- Determining customer buying habits
- Collecting customer data for future marketing
- Identifying your top performing employees
Smaller Companies Experience Larger Median Losses
Having access to the powerful business tools provided with a POS System can improve the security of your company by deterring employee theft, manage inventory losses and monitor employee time and productivity. Small businesses run a higher risk of falling victim to employee theft. Industries with over 100 employees have a median loss of $104,000, while industries with less than 100 employees have a median loss of $200,000. Smaller or mid-sized businesses often lack practices or systems designed to deter theft, making them a target. Here is an example:
Two Florida men working under a computer repair establishment were exposed for stealing inventory and skimming cash. Although both men had to repay their stolen expenses, many employees can carry out theft seamlessly and without a trace, costing U.S. businesses over $7 billion in total losses
Protect Your Business with a POS System
Employee theft is responsible for nearly 41% of all inventory shrinkage. A POS System can track inventory and sales, you will be able to recognize an imbalance in your inventory’s listed quantity and the actual physical count before it becomes a serious issue. Internal theft often occurs when an automated inventory system isn’t in place. Also, the easy to use POS system gives you the ability to accurately track and control product data such as pricing, stock counts and receipts.
The convenience and efficiency of a POS System will help reduce your exposure to employee theft, inventory losses, and unearned payroll which reduces costs and increases profits for your business. The price of investing in a POS System will be significantly less than the price of losing millions to theft.