Businesses have to deal with many issues on a daily basis, many of which are a complete headache, such as employee theft. Even though, as a business owner, you trust in them and are willing to help them out and give them new opportunities.
The best way to avoid theft is by supervising your business around the clock. But, that’s not realistic, and there are many other tasks in hand that require your attention, which is why achieving quality results may not seem possible.
“The Association of Certified Fraud Examiners estimates that businesses lose 5% of their annual revenue to employee fraud and abuse. Small businesses—particularly those that have fewer than 150 employees—are the most vulnerable to employee fraud schemes.” (Walker, Forbes 2018). According to the U.S. Chamber of Commerce, 75% employees have stolen from their employer at least once. Additionally, The Chamber also noticed that up to 30% of business failures may be due to employee fraud and abuse.
Employee fraud may come in different ways, here are a few ways that could help you avoid it:
- Know your staff. Observe and be aware if you notice the following hints:
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- Sudden devotion to work and volunteering to work late.
- Expenses above their income.
- Objection to changes in financial processes, inventory or supplies.
- Make sure that sales are registered in the system. This is where we come in. As we mentioned, there may be times when the cashier decides not to input the transaction and keep that money for themselves. Our service provides reports that inform you when a sale wasn’t entered in the system. We audit through your security cameras, which is why you’ll obtain reliable results.
- Watch your staff member closely. When there is no supervision, fraud and theft are prone to occur. This doesn’t necessarily mean that you have to be there next to them 24/7, you can establish control methods.
Would you like to learn more about this? Send us an email, we have the best solution for your business!