No one wants to be suspicious of their own employee.
However, it is not uncommon for situations like internal theft to occur.
Having proper safety measures in place helps reduce such cases and provides you with peace of mind.
One solution many retailers are turning to is a modern POS system.
POS system retailers in Singapore like EPOS offer modern technological solutions that are able to prevent some of the more common internal theft cases that usually happens to retail stores.
Here is what we can do to help protect your business.
Track Your Cash Flow
The easiest way to detect irregularities in your business sales is to track your cash flows tightly.
And the most accurate way to track your cash flow is by tallying your sales record with your inventory.
Thankfully, with a modern POS system, this process is not as tedious as it used to be.
POS systems are now able to capture which cashier carried out which transactions.
This helps you highlight any “void”, “no sale” or “cash paid out” irregularities.
With the knowledge that their actions are recorded, employees would think twice before committing any act of internal theft.
Create Layers of Security Clearance
A very common situation in retail is the voiding of sales, this happens when customers purchase the wrong size or get the wrong item, etc.
Now this presents the opportunity for the sales clerk to commit fraud.
Should someone choose to return an item, the transaction would be voided but the item may not necessarily return to the shelf.
This can lead to unlawful practices that can happen unnoticed and unaccounted for.
The best way to prevent this is to create a layer of security clearance by restricting who is allowed to void transactions.
Modern POS Systems allow you to restrict the ability to void sales to certain users.
By doing this, the responsibility lies with only a few handpicked and trusted staff.
Perform Audits Regularly
A modern day POS can do many things, such as track stock level, generate sales reports and create purchase orders.
These functions can allow you to conduct audit checks regularly. Moreover you are able to keep track of the state of your business in real time.
By monitoring key cashier activities like sales transactions, void sales or discount applications you can notice any irregularities and rectify them immediately.
In addition, this also gives you a comprehensive overview of the status of your business and allows you to identify potential avenues for internal theft.
Completely preventing internal theft is impossible.
But, by using technological features that a POS System offers it can make it much easier to detect internal theft as well as minimise potential for such situations to arise.
By integrating proper security and precautionary measures, your company will be able to protect itself from potential theft issues.