4 ways POS software reduces employee thefts
Employee thefts can occur in any retail store. It is defined as any form of misuse or theft of items by employees in an organization. Generally, in a retail store, employees steal cash or store products.
One way to prevent employee theft and fraud is by recruiting honest staff members. But when interviewing potential employees, you can never know about their honesty. So, the more beneficial solution is having a technology system to spot the transaction when employee theft occurs or prevent it altogether.
A solid POS ERP software solution can record your financial transactions and track them. It can close all the loopholes or gaps that such fraudulent employees exploit and use for their benefits. The POS software can prevent employee theft in the following ways:
POS software can track cash and set accessibility for transactions
The most common method of employee theft is embezzling cash. The cash is available in the store, and employees may just steal it from there. But you can prevent such activities using POS software.
With the POS software, you can restrict employees’ access to the cash drawer based on roles and responsibilities. Like only the owner or store manager can open the cash drawer. Or there is no way to open the cash drawer if there is no reported transaction.
The POS software allows you to track when an employee puts in ‘no sale’, ‘cash paid out’, or ‘void’. You can even restrict the accessibility of employees to void any sale. Such restrictions and security hierarchy settings can check your employees’ fraudulent activities.
POS software can supervise transactions
POS software gives you complete visibility of your operations. You can track your inventory, suppliers, and customers to better manage and control your operations. It can also scrutinize the activities of the cashier to keep the financial transactions in check.
You can monitor when a cashier:
• Makes manual changes in the time-in and time-out of employees
• Removes any product or item from orders
• Changes the price of a product
• Violates the security
• Voids out a purchase
By tracking these activities, you will know when anything wrong occurs in the store. Thus, you can prevent such fraudulent activities and chances of employee theft. The POS software makes preventive measures possible.
POS software enables digital payment methods
Cash is one of the biggest means by which employees commit theft. If you reduce cash transactions, the chances of theft or fraud reduce. This is possible by integrating digital payment systems into your POS software.
With integrated payment gateways, you can track every transaction of incoming and outgoing money. The knowledge of integrated payment systems in the ERP software demotivates employees to steal money. Also, you can make your customers happy because they do not have to carry cash for shopping.
Thus, integrated digital payment methods act as a deterrent to employee theft activities.
POS software sends alerts of discrepancies in the discount application
Some retail businesses offer discounts to employees on retail items. It is a common strategy of retailers to increase sales and benefit their employees. But sometimes employees take unfair advantage of these discounts. They use such discount offers for their family, friends, or even preferred customers.
POS software can track such occurrences. It sends an alert of discount abuse to the manager handling the POS. The POS software also lets you review the discounts and its historical application to check for any cases of abuse.
For such a solid POS software with these features, you must implement Websys ERP software. It streamlines your retail operations and helps you prevent employee theft cases. You can improve your retail store’s productivity, know your customers better, and improve sales.
Create a win-win situation for your business operations and accounting processes with Websys ERP.