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