4 Ways to Stop Theft in Your Company
How does one stop theft in business? It is harder to stop than one would think. But it is an issue that occurs time and time again. No business owner wants to be stolen from, especially after you have worked so hard to get where you are. This short guide will explain the top four ways to stop theft in your company.
1. Monitor unproductive time
Most all employees have some responsibilities on a computer. Whether they are ordering supplies, using email, or some other computer assigned task, they need to use the internet. With this comes a whole host of problems if you do not lock down certain sites and make a public policy regarding unproductive time. When an employee is checking their email or browsing on the internet, this is known as unproductive time. The employee is wasting time, so to speak, when they could be completing other needed tasks. This is a form of theft as your business is not functioning as well as it could be due to unproductive time.
2. Install security cameras
One of the largest ways to stop theft in your company is by installing security camera systems. A security camera mounted in the office, warehouse, and break room is an excellent idea to deter disgruntled employees from taking anything from the business. An employee will think twice about taking something that doesn't belong to them when security camera systems are watching their every move. A security camera is also beneficial outside if a criminal happens upon your business and tries to break-in. You will have their profile on film to give to authorities to help capture the burglar.
3. Review accounts often
It is of the utmost importance to keep a close watch on the accounts receivable and payable as well as the petty cash funds and reimbursement receipts that employees are trying to submit. Any employee who has access to the books can be tempted and capable of stealing money. Employees may also try to submit a receipt for reimbursement in which they were not the user of the goods, or it is an item that is not approved for the repayment. Lastly, bookkeepers and accountants are good at what they do. If they were tempted to commit a crime, they could easily make up a fiction vendor who is paid monthly. In actuality, the bookkeeper is paying themselves from your funds, and this is not acceptable. Most times a security camera or other type of monitoring on the accountant or bookkeeper, when they are doing your finances, will keep them from partaking in your hard earned revenue.
4. Monitor dwindling supplies of office materials
Not all employees are so brazen to steal cash from the company. But there are other items that employees are likely to take. Warehouse workers and office personnel are tempted and capable of taking items such as envelopes, stamps, paper, ink, tape, staples, and other office goods without the supervisor or owners knowledge. This seems like such a minor amount of money, but added up over the year, it contributes to the financial loss of the company.
As you can see, theft can be in many forms including supplies, money, and time. Make sure you are not a victim of theft in your company. If you follow our advice on the top four ways to stop theft in your company and invest in security camera systems for both inside and outside the building, you will see your yearly finances grow without any losses to report!