How to Protect your Business from Employee Theft

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.

Don’t Fall Victim to Employee Embezzlement

Don’t Fall Victim to Employee Embezzlement

Courtney Wells, a 49-year-old woman in Connecticut admitted to embezzling over a half a million dollars combined from her two positions as a trusted bookkeeper.  Appearing as a trustworthy employee at her job as treasurer of the Southington Lacrosse Association, she gained exclusive access to the association’s debit cards and the bank account.  Authorities believe she had stolen approximately $100,000 from this position to fund personal needs such as concerts, traveling, or shopping.

Additionally, Wells embezzled $375,000 from her other job working as a part-time bookkeeper at Jones Engineering. She put this money towards a partial refund of what she had stolen from The Lacrosse Association.  Wells finally surrendered herself to authorities according to Southington, CT police. Her warrants included first-degree larceny, second-degree money laundering, and first-degree forgery.  There are steps you can take to help secure the well-being of your company.

Article source: https://fox61.com/2019/01/10/woman-pleads-guilty-to-stealing-from-youth-sports-group/

5 ways to protect your company from employee fraud:

  1. Install a POS System for Accountability
  2. Monitor your company books and the back office of your POS System on a regular basis
  3. Sign up for bank and credit card alerts when purchases are made
  4. Perform thorough Background Checks on all employees and independent contractors
  5. If you become a victim, prosecute the employee!

A criminal background screening provides a thorough insight into a potential hire’s criminal history.  Not only does PCI 12.7 warrant a background of employees dealing with multiple forms of payments, but also taking proactive steps to reduce your risk of employee theft and possible violence in the workplace makes good business sense.   Your company’s future is in your hands and now more than ever we need to be watchful of who we are letting in the door.

According to PCI…that dreaded term…

12.7 Screen potential personnel prior to hire to minimize the risk of attacks from internal sources. (Examples of background checks include previous employment history, criminal record, credit history, and reference checks.)

Article source: https://fox61.com/2019/01/10/woman-pleads-guilty-to-stealing-from-youth-sports-group/

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