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Employee Theft: How to Protect Your Business from Staff Stealing

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Petra Nna .Nov 15, 2024

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Watching your staff steal from you can be heartbreaking as a business owner. Whether it's missing money from the cash register, stock disappearing, or strange refunds showing up in your records, staff theft can seriously hurt your business. But don't worry; there are simple ways to protect yourself.

First, it’s important to understand why employees steal. Sometimes, they think you're making too much money and won't notice small losses. Other times, they might feel underpaid or think everyone else is doing it. Understanding these reasons helps you prevent theft before it happens.

In this article, we’ll discuss tips to prevent your staff from stealing, and how you can protect your business.

Read also: The Best Staff Management Strategies for Small Businesses

10 Ways to Stop Your Staff Stealing from Your Business

10 Ways to Stop Your Staff Stealing from Your Business

Theft by your employees can hurt your business badly. It’s important to watch out for watch out for warning signs. Are there lots of cancelled sales? Do some employees always want to handle cash alone? Is stock disappearing faster than your sales show? These could be red flags that something isn't right.

Here are 10 simple ways to protect your money and goods:

1. Use a Good Payment System Like Bumpa Terminal

Use a good payment system like Bumpa Terminal

A good payment system helps stop stealing. Bumpa Terminal records every sale as it happens. More than just getting bank alerts which can be delayed sometimes, you get instant notifications on WhatsApp. But where it gets better; you can match every payment to an order, making it impossible to sell inventory without recording where the money went, or what sale brought in a particular amount of money.

All the money goes straight to your Terminal bank account, so no one can steal cash. Also, matching orders ties it to your inventory on Bumpa, making sure your goods are counted and you see what you sold each day. This means workers can't hide sales or take money without you knowing. With Bumpa Terminal, you can check your sales anytime, anywhere from your phone.

Sign up for Bumpa Terminal, start collecting payments and save your business from employee theft!

2. Do Regular Stock Checks

Do regular inventory checks

Count your goods every week. Don't wait until month-end. When you check often, you can find missing items quickly. When new goods arrive, check everything against your delivery list. Write down everything that comes in and goes out of your shop. If something is missing, look into it right away. When workers see you checking stock often, they're less likely to steal.

The great thing about using Bumpa for your inventory management is that you can record your inventory and orders, and use it to track and match your inventory at the end of the week, making it easier to remember exact details and quickly catch if anything is missing.

Read also: 3 New & Powerful Bumpa Inventory Management Features Your Business Needs!

3. Install Security Cameras

If you have a store, then work towards getting cameras installed.

Put cameras where people handle money and goods. Put them on your counter, store room, and doors. Tell your workers about the cameras. Just knowing they're being recorded makes many people think twice about stealing. Cameras also make your shop safer. Get cameras that show clear pictures and keep the recordings for at least a month. This helps you see what happens if something goes missing.

4. Create Clear Money Handling Rules

Make strong rules about handling money. Always have two people count cash together when shifts start and end. Give receipts for every sale, even small ones. Use receipt books with numbers so you can track them. Count your money every day. Write down who handled money during the day. Take money to the bank often. Don't keep too much cash in your shop. These rules take time, but they stop stealing.

The Bumpa app allows you to keep track of every single sale and order, down to the amount paid and you can also create invoices and receipts that you can easily use to track every kobo.

Read also: 10 Ways to Manage Your Finances as a Business Owner

5. Train Your Staff Well

Good training helps stop theft. Show workers the right way to do things. Tell them why the rules matter. Teach them how to use the cash register and other tools properly. Make it clear that you expect honesty.

Train workers again when things change. When staff understand their job well, they're more likely to be honest and report if they see stealing.

6. Control Who Goes Where

If you have a physical store, then you should control who goes where. Don't let everyone go everywhere in your shop. Use different keys for different areas. Keep track of who has which keys. Change locks when workers leave your business. Make people sign in when they enter store rooms or offices. Only give keys to people who need them. This helps you know who went where if something goes missing.

7. Check Worker History Carefully

Before hiring someone, call their old bosses. Ask about the person's honesty. Check their work history for gaps. Ask them how they handled money in old jobs and take your time when hiring. It's better to spend more time choosing the right person than to hire someone who might steal. Keep records of all the checks you do.

8. Make Work a Good Place

Happy workers usually don't steal so pay fair salaries, and on time too. Treat everyone with respect and notice when people do good work. Show workers they can grow in your business. Listen when they have problems. Fix issues quickly. When workers feel valued, they want to protect your business, not steal from it.

9. Always Have Two People Check

Never let one person do important things alone. Have two people count cash, check deliveries, count stock, and sign reports. Have two people go to the bank. When people check each other's work, it's harder to steal. This also helps catch mistakes. Make this a strict rule in your business.

10. Be Clear About Punishment

Tell everyone what you count as stealing. This includes taking goods or changing sales records. Let workers know you check everything regularly. Tell them you will call the police if they steal. Also, reward honest workers. Give bonuses for good cash handling and stock keeping. When people know both the good and bad results of their actions, they make better choices.

Conclusion

Trust your workers but check everything. Use tools like Bumpa Terminal to keep money safe. Use the Bumpa app to keep good records, and in a simple way. Act fast if you see problems. Make it easy for workers to be honest by having clear rules and good systems. These steps will help you build an honest team and protect your business.

Remember, preventing theft is better than dealing with it after it happens. By putting these simple measures in place, you can protect your business and create a more honest workplace. Your business is your investment - protect it wisely.


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