How Cash-Counting Machines Help Reduce Internal Theft
Internal theft can cause silent but sizable damage to a business's bottom line. While indisputably impactful, internal theft is difficult to address, but there are ways for owners to prevent and control this financial and morale-draining issue. In this blog, we will dive into what internal theft is and how Cashmaster cash-counting machines can help you put an end to it.
Understanding the Risk: What is Internal Theft?
By definition, internal theft is the theft of company property, assets, or funds by those who work for a business. It can be as simple as swiping a few bills from a cash register, which is why cash counters can play such an important role in preventing internal theft.
Unfortunately, internal theft can occur in any business, but there are certain organizations that are especially vulnerable. These include businesses across retail and hospitality, where cash registers and stock are more easily accessible. For these organizations, cash counters make cash-handling processes as accurate as possible and help reduce the risk of internal theft.
Why Does Internal Theft Happen?
Internal theft can occur for a wide variety of reasons, but rather than considering why an individual may choose to steal from their place of work, let’s focus on why they are able to do it.
An employee might have the motivation to commit internal theft and what they deem to be a rational justification for doing so, but the difference between their stealing and not stealing is the opportunity. Internal theft occurs when an individual sees a chance to act on their desire to steal; the key to preventing and controlling it is removing that opportunity.
How to Prevent Internal Theft: Your 3-Step Action Plan
Cash handling and cash management processes are the key focus for minimizing the opportunity for internal theft to occur. While you may not suspect that internal theft is imminent, having an action plan with cash counters at its centre gives your business the best chance of preventing it.
Step 1: Create a Crystal-Clear Cash Handling Policy
The first defense your business can deploy against internal theft is establishing a company-wide cash handling policy that clearly outlines the processes employees must follow. This will provide an additional layer of security and traceability to your cash handling processes, helping prevent theft.
Step 2: Complete Frequent, Unpredictable Counts
With a cash handling policy well-established, you can further disincentivize internal theft by completing random cash checks. By making this a regular yet unpredictable part of your cash handling routine, you can quickly identify cash discrepancies while deterring potential thieves from thinking they can steal without being noticed.
Step 3: Implement the Right Technology
Random cash counts are only as effective as the technology your business uses to complete them, and this is where Cashmaster money counters prove so important. Our machines provide quick, highly accurate counts using count-by-weight technology, ensuring you know precisely how much money you have.
How to Control Internal Theft: The Power of Count-By-Weight Technology
The count-by-weight technology of Cashmaster’s range of cash-counting machines can play a central role in preventing internal theft in your business. While a clear cash-handling policy and random counts can help deter internal theft, it’s the accuracy and reliability of our counters that will help you gain control over internal theft in two key ways.
1. A Quick & Easy Deterrent
The effectiveness of your prevention action plan increases significantly when you use a money counter that delivers accurate results in a very short time. Our Cashmaster One money counters complete counts six times faster than a manual count, making unpredictable counts a stress-free and easy deterrent to carry out.
2. Spot Trends & Problems
In addition to convenience, Cashmaster money counters make keeping track of your money really easy with the help of the Cashmaster Printer One. With printed documentation of cash handling processes, your business can easily spot problems, identify trends, and make accurate predictions to prevent and deter internal theft.
Thanks to seamless integration, your data can also be seamlessly transferred via QR-link, USB key link, or DTS Connex, making your money as visible and manageable as possible.
Prevent Internal Theft With Cashmaster
At Cashmaster, we know that internal theft can have surprising yet devastating effects, which is why an accurate, dependable cash-counting machine is so important. Deter and prevent internal theft with the help of our count-by-weight cash counters, and ensure your business continues to grow and thrive.
Book a consultation with our team or contact us for more information about how our services and products can be tailored to suit the needs of your organization.
