Reduce employee theft
Most employees are trustworthy. These tips help catch those who aren't.
Employee dishonesty can account for many financial losses each year—including inventory theft.
To prevent that from happening, you should have a plan in place that protects your goods, supplies, and equipment. We’ve come up with these suggestions:
Make a complete physical inventory at least once a year by someone other than workers who maintain the records
Inventory your warehouse and list all its contents
Check a daily record of mail shipments against orders received
Verify returned shipments are actually delivered into inventory
Compare sales reports of returned goods with records of actual entries into stock
Make occasional spot checks of trash containers and open all crates, cases, and boxes to confirm the contents inside
Give clear written instructions on issuing, signing, or canceling warehouse receipts
Assign responsibility for checking incoming shipments to a third person other than:
the person actually receiving the goods
the person responsible for all parts and inventory
If this solution is not feasible due to limited resources, schedule more frequent physical inventories.
If you have a small staff, follow these steps:
Deposit cash receipts daily
Countersign checks
Reconcile monthly bank statements
Match cash receipts to bank deposits
Spot-check accounts
Approve returned sales and write-offs
Check warehouse shipping procedures, parts, and inventory controls
By taking these steps, you’ll have a more secure business and know whether any goods, supplies, or monies are missing—giving you more peace of mind.
By taking these steps, you’ll have a more secure business and know whether any goods, supplies, or monies are missing—giving you more peace of mind.
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