Blind reconciliation: Use Your Point of Sale to Discourage Employee Theft

Retail stores are busy places. Owners and managers have several areas of responsibility and cannot be everywhere all the time. Also in today’s hyper competitive environment, one key area that retailers must focus on to remain profitable is minimizing loss—whether it is loss of inventory or loss of cash. The best way for a retailer to minimize loss is to implement internal controls to safeguard assets. These controls create operational efficiency but also provide accurate accounting records for the business. Unfortunately one cause of loss, or shrink, for retailers is employee theft. According to a retail theft survey conducted by Jack L. Hayes International, a loss prevention consulting firm, one out of every 40 employees was apprehended for theft by ... Read More

Stop nourishing thieves, Inventory control is now easier than ever before!

According to the latest Global Retail Theft Barometer study, the global retail industry lost more than $128 billion last year due to the inventory theft, frauds and errors.  On average, this means a loss of 1.29% of total retail sales. Another considerable sum of money is every year spent to prevent this, and may not always be effective. Installing cameras or detectors inside the store is not cheap and hardly ever solves the problem entirely. That is because when it comes to inventory theft, according to the study, employees easily top shoplifters. So what can retailer do to prevent employee theft and stop losing his money? The only reliable method is constant inventory monitoring. However, this is much easier said ... Read More

Don’t ever sell to under age customers

Certain businesses within the retail industry must be very careful about who they sell their products to. Retailers that own liquor stores or sell tobacco products must be sure to always do age verification to be sure the customer is of age. And now with the evolution of vapor products, vape smoke shop retailers must also be careful who they sell to. In some states in the United States, retailers must also ID for marijuana sales. This is a bit more difficult to accomplish for online, or “e-smoke shops” as it is easier for minors to bypass online age verification. Retailers in these heavily regulated industries must pay close attention customer verification, however, because if they are caught selling to ... Read More

POS Features that Improve Employee Accountability

With on premise POS systems, one of the biggest challenges is tracking employee errors and increasing accountability. Of course, the opposite situation applies as well. How do you track employee actions to know when your employees are doing a great job? If you have a great employee, you have a much better chance of retaining them if they know that you appreciate everything they do for the business. Time Stamps and Digital Paper Trails Lead to Accountability Cloud POS systems can eliminate these challenges because store information is stored in one central database, even across multiple store locations. There are three key POS features you should look for that will help you improve employee accountability: 1. Real-time Information Tracking-Ideally, when ... Read More

Key POS Interface Features that Help Reduce User Error

POS technology has improved greatly in the last two years. Many retailers are considering switching to a cloud-based system. Many times, retailers get very involved in overall feature set of the POS. Although it is very important to have the functionality you need, something that is often overlooked is the user friendliness of the system. Some POS systems have very robust features sets but are so complicated to use, employees get frustrated or make more mistakes. It is important to not only consider if the system functionality meets the needs of your retail business but also to consider the user friendliness of the interface. User friendly POS systems reduce checkout times and waits for your customers, make it much easier ... Read More