The advisors at https://www.axisins.com/ are cautioning business concerning the rise in employee theft and fraud. Even with the economy on the uptick, some work environments are an easy target for crime. Internal issues with theft have cost companies as whole billions of dollars over the years, and the best way to protect your business is by adopting some internal controls to prevent employee theft.
In addition to having a rigorous employment application and verification process, you can take several simple but effective measures to fight against problems from within. Here are five of them
- Use purchase orders. Have all functions of payment, receipt, and issuing purchase orders be controlled by different individuals. Use pre-numbered PO’s and verify each incoming order.
- Control cash receipts. Use pre-numbered sales slips and have someone besides the sales clerk balance and register receipts.
- Conduct informal audits. Every now and then, you should conduct an unannounced internal audit. Have a yearly audit done by an external company.
- Use computer systems. When you use passwords and restrict certain access points, you can help alleviate digital theft. Change your entry codes periodically and check computer usage logs to determine potential theft.
- Use security systems. Keeping track of your physical inventory should be done at the end of each month. You can also install camera systems to help keep an eye on warehouses or stockrooms.