Employee Theft – Are You Employees Stealing from You?

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Employee Theft – Are You Employees Stealing from You?

A lot of businesses think their employee would never steal from them, but you may be wrong—employee theft causes up to $200 billion loss each year to U.S. businesses. This article shares with you some useful tips on how you can protect your business from employee theft.

Employee Theft – All-Too-Common Practices

Stealing money from the register – An easy trick is to accept a cash payment and later void that transaction to maintain the drawer balances. To overcome the problem, it is advised to track the number of voids regularly. Video surveillance system can also be installed to keep a watch on registers.

Indoor PTZ Network Camera

False expense accounts – This is again a common practice of employee theft found in any business. A lot of time employees caught submitting the same expense receipt multiple times or submitting phony expenses. Make sure the receipt number is checked’ so that the same receipt is not submitted again and again.

Buddy punching – Time theft is done in almost every business—one employee punching in or out for the other. Time cards are also filled for days when the other employee was not present. An easy solution to disallow buddy punching is biometric timekeeping system. This system is already very popular among big and small businesses.

Falsify or steal inventory – False inventory is a trick in which employee setup a fake supplier, who delivers products once or twice, but regularly paid. Employees also steal items from the inventory. A video surveillance system comes handy in situation like these. Alternatively, you can practice cycle counting. RFID tags can also be used to track expensive items.

Stealing of important data – Data theft is the biggest threat to business. Solution for the problem is to track every access to any system that has the most vulnerable data stored. Force your employees to change passwords to their machines frequently to avoid data theft. Cloud-based solutions offer better assistance in securing vulnerable data.

Make sure it doesn’t happen to you!

It’s not that every employee is involved in employee theft. Most employees have a lot of respect for their assigned roles, and they remain honest entire their career. But, unfortunately, there are a few who are always looking to steal products or money from the company. For many companies, it’s a real threat. Employee theft can severely affect small business’s bottom line. Make use of all safety measures to prevent it from happening to you. DVR Unlimited suggests you to be aware of aforementioned all-too-common practices and protect your business as much as you can from employee theft.