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Anonymous

12 Aug 2020

Career

How do I minimise the risk of my staff taking money from the cash register?

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Here are some security tips to prevent employee theft and fraud:

1. Install CCTVs directed at cash registers:

If you staff know that CCTVs are capturing their handling of cash, they'll be much less likely to steal from you. There'll be direct, permanent evidence of any pilfering which will be a strong deterrent.

2. Man the cash register yourself (if possible):

Because of the risk of employee theft, most owners of cash-heavy businesses (e.g. F&B outlets, retail stores) will man the cash registers themselves. You'll see this when you go out to eat or shop pretty commonly. However, if this isn't possible (e.g. you have other responsibilities that keep you away from the store, or manning the register), then the other tips here will come in handy.

3. Do daily reconciliations:

It's best to do daily reconciliations between the amount of sales generated that day, and how much was paid via cash/card. If the two amounts don't match, then you'll know very quickly that there's likely missing cash involved. You can then proceed to check the CCTV recordings.

You can also use these daily reconciliations to do stock-takes (if you run a retail store), to ensure that the proper amounts were charged for the corresponding products sold.

4. Get fidelity guarantee insurance (AKA employee theft insurance):

Even though the above are good precautions to minimise the risk of theft, if you run a cash-heavy business you'll always want to have fidelity guarantee insurance. This will pay for cash that's stolen by employees, and also cover fraud that's committed by employees (e.g. cheating customers out of money).

Get online fidelity guarantee insurance quotes. Save up to 25% on your insurance premiums when you use Provide's online platform.​​​

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