Of all the threats that businesses face today, it is surprising how employee theft and fraud gets overlooked time and time again. But because several members of staff will have access to sensitive information or expensive stock, it most definitely requires your undivided attention.
So, here’s how to prevent robberies within your company, not just to safeguard the business’s valuable assets but also for the protection of customers.
Know your employees
In addition to performing background checks on new hires, you should also be alert to indicators of theft. For example, some employees may start working late for no apparent reason or have strong objections to procedural changes regarding financial matters.
Supervise members of staff
Research has found that when supervision is lacking, theft and fraud goes up. Therefore, it makes sense to regularly check the activity of employees working with money and supervise their routines to check procedures are being adhered to.
Assert control over purchase orders and cash receipts
There is little to no chance of theft or fraud if you use serially pre-numbered purchase orders and sales slips. The payment and preparation of purchase orders as well as the processing of sales slips and register receipts shouldn’t be handled by just one person either.
Increase IT security
With the right software, members of staff can easily divert money and stock away from the business and into their pockets. To prevent this from happening, restrict access to financial information, periodically change access codes, and check to ensure protocol is being followed.
Have a system for managing stock
Although it might not be overly convenient, you should separate the receiving, storage, and shipping of stock for greater security. You may want to install security devices to monitor staff and stock as well.
Carry out informal audits
By performing unannounced, informal audits, you should be able to identify any suspicious staff activity. It also makes sense to have a yearly audit carried out by an outside firm, as certain members of staff might be working together.
Ensure employees can report theft or fraud
Some businesses worry that a system for reporting theft or fraud is a sign you don’t trust the workforce. However, it can be highly effective and often the best way to identify problems. Even so, you must be careful about making accusations and conducting investigations.
Contact Jag Security today for more ways in which you can prevent robberies within your company.