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

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