- Install surveillance cameras where transactions take place or inventory is stored. In addition, perform background checks on all new employees.
- Create policies and procedures regarding employee theft and fraud, and facilitate training on them. Also, ensure there is a way for employees to report wrongdoings anonymously.
- Perform regular audits of your financials and inventory counts. Furthermore, institute checks and balances, such as comparing deposit slips with bank receipts.
- Assign multiple employees the responsibility of sensitive financial duties like bookkeeping and payroll.
- Analyze credit reports of business partners before working with them, and identify sole source providers and scrutinize them closely.
- Lastly, speak with your insurance broker and make sure to have the right crime policy in place.
With a smart approach, you can protect your business.