5 Ways to Prevent Employee Theft

According to Statistic Brain Research Institute, employee theft accounts for $50,000,000 each year, and is the cause of a staggering 1/3 of all business bankruptcies. And, the Association of Certified Fraud Examiners estimates that an average of 6% of revenues are lost to employee theft in a typical business. Let those numbers sink in for a moment. One out of three commercial bankruptcies are due to employee theft or fraud. Six cents of every dollar earned will be stolen. This is a huge threat to every small business. Even if it doesn’t cause bankruptcy, it can seriously reduce profitability – and it is criminal and just plain wrong. Here are five steps you can take to reduce your exposure and prevent employee theft. Implement a Strong System of Internal Controls It is important to have strong internal controls in place. For example, the person who is responsible for recording a transaction should not also be the person initiating and performing that transaction. Where physical inventory, equipment, or cash is kept, install access control systems to allow only authorized personnel to enter and keep records of each time they do. Combination and key card locks are good, but the combinations can be shared and the key cards stolen. For the best security, some kind of biometric lock that uses fingerprints, facial recognition, or retina scanning may be the safest choices. Because each company has unique security needs, it’s important to get professional help for this. I hired a locksmith near me to help me decide the best access control system for my situation, balancing security and cost factors, and it...
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