Prevention is Better Than a Cure - Avoiding Internal Business Theft

Prevention is Better Than a Cure - Avoiding Internal Business Theft

Whatever your business is-whether you are involved in retail or not, for instance-you're inclined to business theft. Sadly, several businessmen (especially people who handle small businesses) only contemplate retail theft (such as shoplifting) as business theft. But this isn't true the least bit; business theft will happen through a range of ways that, sometimes after you least expect it. Business theft can cost your business thousands of dollars, and will ultimately cause the demise of your enterprise. Nobody would need this to happen, obviously, especially not you-thus you've got to be prepared. Preventing business theft is better than fixing the damages it's caused. While these anti-business theft measure might appear like additional effort or trouble to your already stressful daily regimen, suppose of it as an insurance for a better business future.

Once all, you wouldn't need business theft to ruin your livelihood.

Here are some ways that you'll be able to avoid business theft and business fraud, in keeping with tips and data collected from a variety of sources and specialists:

1. Screen employees: Employee theft is a lot of common than retail theft, thus it is wise to screen your employees; regardless the type of business you handle. It is solely logical to understand whether your staff will be trusted with cash and valuable information. The standard recruitment method will not work here, as this doesn't dig deep into an applicant's personal history. Skilled business theft screening may be suggested here, as this could verify personal info, with perform criminal checks, credit checks, drug screenings, past cases and claims against past employers, and different similar information. In fact, this business theft screening method will additionally be done when you hire an employee.

2. Cash ought to be handled by fewer people. Workers will embezzle company money simply if the money exchanges hands frequently. Once the proper individuals find out about the missing cash, it can be more durable to detect who stole it since it reached and was handled by many workers, making the detection a lot of tough than it is. With solely some individuals handling the cash, you can simply detect at that purpose the money was embezzled. Conjointly, with fewer hands, you cater to fewer personnel-thus reducing the possibilities of embezzlement.

3. Follow dual control procedures to stop business theft. For example, when one employee handles the money, assign someone else to double check. This prevents collusion, and helps maintain the balance in the company. This also keeps fraudulent workers from even making an attempt to steal from the company.

4. Conduct periodic audits. A common practice in banks, you'll be able to conjointly conduct surprise audits to form sure those handling the money at the end of the day can not steal from you. Build positive the audits are periodic nevertheless unexpected, to stay the staff on their toes. Although your company will not have a thief within its mist, periodic audits can drive workers to be a lot of careful with handling the cash, especially since they grasp you can check their performance after they least expect it.