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