Mother’s Day and the spring planting season are right around the corner. That brings busy days and plenty of customers for floral shops, studios, and other horticultural businesses. All that shopping also means you’ll likely have plenty of cash on hand. That can make you a target for theft.
Protecting your cash
Developing internal controls can help avoid the threat of theft by employees. According to consulting firm RSM US, LLP, some ways to prevent stealing include:
- Limiting the number of areas where you collect cash
- Assigning a separate cash drawer to each employee to track transactions
- Creating an audit trail by using sequentially numbered receipts
- Notifying employees that customers can report not receiving a receipt
- Not endorsing checks in advance if they can’t be deposited until the next business day
- Depositing checks and money more often than once a day and at various times
- Rotating the employees who make bank deposits to reduce the opportunity for embezzling
By understanding how, when, and where cash is collected and the duties performed by each employee, you’ll be able to help avoid thefts and record-keeping errors.
Another concern for business owners is the risk of merchandise theft by customers or employees. There are ways that you can protect yourself without breaking your budget. The workforce management company, Humanity, offers these five tips:
- Store design: Place smaller items close to the register, so the cashier will be able to keep an eye on them. Also, lay out your store in a way that allows you to see the area where your customers are shopping to discourage theft.
- Trustworthy employees: Hire people you know or ask your best employees to recommend new workers. Be sure to check references and past employers.
- Track inventory: Consider buying computer software as a way of easily tracking your inventory. That way you’ll be able to see if what’s sold matches your income.
- Be present: By taking an active interest in your store and being present, you’ll discourage employees from stealing.
- Protect valuable items: Pricey items and small items are the biggest targets for thieves. It’s a good idea to lock them up so that a customer will have to ask to see them, making them harder to steal.
These are just some of the ways you can help protect your business and your profits during this busy horticultural season. If you have other questions or concerns, talk with a Hortica representative. We’re here to help.
For more information on protecting your business, check out the Hortica Resources section.
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