The chief reason for any business — of any kind, size, location and age — was, is and will be to generate revenue. Profits don’t always have to be in the form of cash or money — they can consist of anything deemed to be of value to the proprietor. And on a side note, the IRS is just as interested in bartered transactions as it is cash, but that’s another story, for another time. Because revenue generation is at the forefront of all business ambition, it makes sense that anything stopping its progression or otherwise detracting from it would be regarded as counterproductive, and unfavorable. Among the most frequent revenue-reducing issues that businesses today face are:
- Being closed
- Being understaffed
- Decline of traffic/purchases
- Products or services becoming obsolete
- Competitors offering better deals
- Increase of overhead
Surely, ever since the dawn of retail, some kind of theft has been an issue. In many ways, it’s one of the most personal affronts a business owner can face, and because of its prevalence, most large corporations actually factor in a certain amount of loss by theft into their budgets, along with monies allocated toward loss prevention.
The Classic Employee Lift
Most employee theft occurs during the checkout process, by artful manipulation of a transaction, whether it be to the cashier’s advantage or the purchaser. Among the methods most commonly practiced you’ll find register/cash drawer totals reduced by surreptitiously-entered refunds, discounts and voided sales. They can modify prices, cancel completed transactions and report the purchase’s inclusion of nonexistent coupons. In restaurants, it’s estimated that billions of dollars are lost annually from food, alcohol, cash — supplies, equipment and more are taken by employees.
POS Technology Promises Theft-Reduction Solutions
Among the myriad of benefits derived from POS-transacted theft prevention is just how affordable it is. And according to statistics, it’s not so much shoppers (or in this case, shoplifters,) who are doing the pilfering, but employees. This particular discrepancy exists exclusively in the U.S., where employees minimally more than double their percentage worth of the world’s stolen stuff from businesses. The loss gets passed along to shoppers, who must pay more for their purchases, averaging around $400 per American household on a yearly basis. While no method of total eradication exists, POS technology is quite promising in reducing those numbers.
Video Surveillance with POS
From the moment employees know they’re being observed, employee theft will be significantly reduced. With your POS system, you can integrate security cameras and video recorders that record food and drinks being delivered, sales as they’re rung up, with the exact identifying details of each transaction superimposed in print onto the recording. These are stored in chronological order, for easy access when needed. Cameras can be set up to record anywhere staff handles cash, the traffic to and from all establishment portals, inside walk-in coolers or where other valuables are stored.
Compare log-ins and server activity against the inventory control feature of your bar POS to find out which employees are giving away drinks or charging less for top shelf brands. By reviewing employee paid-outs and discounts, and auditing staff time and attendance records, you’ll have easy access to any theft-related inconsistencies. There is so much more you can do with your POS system to bring that bottom line to a much happier place.