3 Effective Ways to Protect Your Business Revenues

The risk of fraud and internal theft is a harsh reality for most businesses that need to deal with loads of cash every day. Dishonesty on the part of employees is a major concern that organizations have been facing for long. Often resentful employees cause businesses incur huge cash loss. This is why an increasing number of companies are opting for commercial safes. They are indeed the safest way to secure your cash.

A report by ACFE or Association of Certified Fraud Examiners in 2014 reveals the following statistics:

• 77 percent of frauds involve staff working in seven departments including accounting, sales, operations, executive/upper management, customer service, purchasing, and finance.
• 4 percent of all the studied fraud cases occurred due to asset misappropriation, which consists of cash theft, defalcation, and so on.
• Only 14 percent of businesses fully recover from fraud losses.
  

Effective Ways to Prevent Theft or Loss

Now, let’s talk about the three effective ways to prevent losses of your hard-earned money:

1. Follow stringent hiring practices with background verification

Akio Morita has said, “When I find an employee who turns out to be wrong for a job, I feel it is my fault because I made the decision to hire him." Thus, businesses need to follow effective hiring practices and also carry out proper background verification. These processes make sure that you recruit ethical employees, which minimizes the chances of fraud and internal theft. Things such as drug screening, credit check, reference check and criminal background check play a crucial role in reducing the risk of theft.

2. Implement a fraud reporting mechanism

Many organizations use reporting mechanism such as fraud hotlines to identify and prevent malpractices. Internal whistleblower hotlines are a popular method for employees to hold others accountable as this technique boosts anonymous reporting. Fraud instances within organizations that implemented hotlines detected issues 51 percent faster and also proved 41 percent less costly than the companies where such cases remain undetected.

3. Use Commercial Safes with Auto-audit

Regardless of whether you have a business in Texas, California or any other state in the U.S, using a smart commercial safe is one the most effective ways to ensure cash security. These smart safes have three key features, which are collecting and securing cash, counting and validating funds, and auditing/reporting activity. They record every transaction and track it through personal identification number (PIN) of each user. It is a foolproof process that provides an error-free audit trail. These safes guarantee to reconcile and audit transactions made by all employees. Due to their automatic feature to collect, store and report cash, only a few people have access to the cash. Fewer hands mean fewer chances of theft.

Conclusion

You now know how to ensure maximum protection of your valuable money. After all, every penny counts. You can hire a commercial safe services provider in Texas and manage your cash well with smart cash safes. Should you wish to learn more about smart cash management safes or have any questions, our team of representatives will be happy to help.