Tools For Tackling Employee Theft
First, it’s important to note that traditional solutions for deterring theft, like security cameras and magnetic tags, can spot a problem when it happens. However they can’t prevent thefts from occurring. Also, smart criminals can easily overcome these barriers to harm your business.Software, on the other hand, is “always on” and tracks activity to detect issues before they become deeply problematic for a business. Modern inventory managements systems find suspicious patterns, like when inventory goes missing, to alert you in real time of any threats. They help you stop employee theft before it becomes a huge issue.
How Does Employee Theft Occur?
For smaller businesses that do not utilize sophisticated inventory management software, employee theft occurs at a lower rate than at larger businesses. However despite this lower rate, employees say that theft is a significant problem for their small firms. The Association of Certified Fraud Examiners note that cash theft and payroll or check tampering is more prevalent in smaller firms, while non-cash theft is more common in larger companies. Cash and payroll theft are especially damaging for small businesses with smaller inventories and tighter cash flow.