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1. Separate cash access and book access
Cash handling and book keeping duties should be performed by different people. The person that makes the deposits should not perform the bank reconciliation, this will help avoid theft of cash.
2. Only management can authorize markdowns
Management has to authorize markdowns. This helps avoid employees marking down products for illegitimate reasons.
3. Reconcile bank accounts every month
Reconciling the books helps stay up to date on the financial status of the company and can help discover any irregularities in the financials. The person who reconciles should not have any bookkeeping or check signing responsibilities.
4. Separate inventory ordering and counting
Inventory ordering and shipment counting responsibilities should be designated to different people, if the same person has both responsibilities they can easily skim inventory off the top.
5. Separate sales staff duties from cashier duties
The salesman should not be the one to check out the customer. This helps insure what the salesman claims is being sold is actually what is being sold.
6. Receipt validation after check out
An employee with the company should be responsible for validating receipts after check out. This will help reduce theft and verify the customer got what they paid for.
7. Biometric scanners for timesheet tracking
Staff should have to sign into and out of work using a biometric hand scanner. This will help assure employees are arriving and leaving when they say they are.
8. Restrict use of business credit cards
Credit card access should be limited, account limits should be established, and a credit card policy should be established that prohibits the use of a company credit card for personal use. This will help insure that credit cards are only used for legitimate business purposes.
9. Protect cash and check collections
All cash and checks received should be recorded and deposited promptly,...
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