Employee fraud is a serious problem that can cost retail businesses a lot of money and reputation. According to a report by the Association of Certified Fraud Examiners, the median loss caused by occupational fraud in the retail industry was $200,000 in 2020. Some of the common types of employee fraud in retail include theft of cash or inventory, falsifying sales or purchase records, abusing discounts or refunds, and colluding with customers or suppliers.
How can you prevent employee fraud in your retail business? One of the best ways is to use a reliable and secure point-of-sale (POS) system that can help you monitor and control your business operations. Tracepos is a POS system designed specifically for retail businesses in Nigeria. It has many features that can help you prevent employee fraud and increase your profitability. Here are some of them:
Roles and permissions: How to prevent employee fraud with Tracepos
Tracepos allows you to create different roles and permissions for your employees based on their responsibilities and authority. For example, you can create a cashier role and give them the right to only make sales and nothing more. You can also create a supervisor role and give them the privilege to edit sales, a manager role to receive and update stock, and an owner role to access all the features and reports. This way, you can limit the access and actions of your employees to only what they need to do their job, and prevent them from tampering with your data or stealing from you.
Email alerts: How to monitor and detect employee fraud with Tracepos
Tracepos also allows you to set up email alerts for any important or suspicious actions performed on the system. You can instruct Tracepos to send you an email alert whenever any of the following actions are performed on Tracepos:
- Stock adjustment: on create, update, or delete. This means that whenever someone adds, modifies, or removes any item from your inventory, you will get an email notification. This can help you keep track of your stock levels, avoid discrepancies, and prevent theft or loss of inventory.
- Purchase return: on create, update, or delete. This means that whenever someone creates, updates, or deletes a purchase return or a debit note, you will get an email notification. A purchase return is when you return goods to your supplier, and a debit note is a document that reduces the amount you owe to your supplier. This can help you monitor your purchase returns and debit notes, and ensure that they are accurate and valid.
- Purchases: on create, update, or delete. This means that whenever someone creates, updates, or deletes a purchase order or a purchase invoice, you will get an email notification. A purchase order is a document that confirms your order with your supplier, and a purchase invoice is a document that records the payment for your order. This can help you manage your purchases and payments, and verify that they are correct and complete.
- Sales: on create, update, or delete. This means that whenever someone creates, updates, or deletes a sales order or a sales invoice, you will get an email notification. A sales order is a document that confirms your order with your customer, and a sales invoice is a document that records the payment for your order. This can help you manage your sales and receipts, and confirm that they are accurate and timely.
- Sales return: on create, update, or delete. This means that whenever someone creates, updates, or deletes a sales return or a credit note, you will get an email notification. A sales return is when you accept goods back from your customer, and a credit note is a document that reduces the amount your customer owes you. This can help you monitor your sales returns and credit notes, and ensure that they are valid and fair.
- Expenses: on create, update, or delete. This means that whenever someone creates, updates, or deletes an expense record, you will get an email notification. An expense record is a document that records the cost of running your business, such as rent, utilities, salaries, etc. This can help you track your expenses and budget, and control your cash flow and profitability.
- Staff members: on create, update, or delete. This means that whenever someone creates, updates, or deletes a staff member’s record, you will get an email notification. A staff member record is a document that records the personal and professional details of your employees, such as their name, contact, role, etc. This can help you manage your staff, and prevent unauthorized access or changes to your system.
By setting up email alerts for these actions, you can get a bird’s eye view of what is happening within your business and the software. You can quickly detect any unusual or fraudulent activities and take action accordingly.
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Reports and analytics
Tracepos also provides you with comprehensive and accurate reports and analytics that can help you track and measure your business performance. You can view various reports such as sales, inventory, expenses, profit and loss, tax, and more. You can also filter, sort, and export your reports to different formats such as PDF, Excel, or CSV. Tracepos also offers you a dashboard that shows you key metrics and indicators such as total sales, total purchases, total expenses made, number of customers, best-selling products, and more. You can use these reports and analytics to identify any trends, patterns, or anomalies in your data, and make informed decisions to improve your business.
Employee fraud is a major threat to retail businesses, but it can be prevented with the right tools and strategies. Tracepos is a retail POS system that offers many features to help you monitor and control your business operations, and prevent employee fraud. With Tracepos, you can:
- Create different roles and permissions for your employees
- Set up email alerts for any important or suspicious actions
- View comprehensive and accurate reports and analytics
- Build customer loyalty and retention
Tracepos is more than just a POS system. It is a powerful tool that can help you protect your business from employee fraud and grow your profitability. If you want to learn more about Tracepos and how it can benefit your retail business in Nigeria, visit our website or contact us today. We would love to hear from you and offer you a free demo and trial. Don’t let employee fraud ruin your business. Try Tracepos today and see the difference for yourself
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