With the flood of restaurant accounting solutions on the market, we at Navrae thought we would save you the time of sorting through the junk to find solutions that actually add value to your bottom line.
For this reason, we here at Navrae hope you find the information below useful deterring internal theft in your restaurant.
Securing Your POS
The register or till is a highly vulnerable place where you could be losing money.
The NRA found roughly 75% of inventory shortages and 4% of sales are lost through internal theft, which usually occurs at the POS.
Employees have a variety of methods like
- Skim cash
- Give discounts
- Complete high-volume small value transactions.
Because of this, you need an array of tools at your disposal to reduce the theft rates or at least head it off quicker.
How do you do this?
You should have a set of standard practices in place along with a suite of reports to review daily transactions.
Standard practices can include the amount of comp’s an employee is allowed to give, no opening the register unless a sale or transaction has occurred and having rules regarding snacking on the inventory!
You should also make sure your managers are reviewing all daily reports to monitor for employees who are consistently perfect on their drawer count, violating the allowance for comp’s, or show a lot of reversals on the register.
Having a set of standard practices makes it easier when reviewing your daily reports to check for compliance and spot anything that is out of bounds.
Navrae provides you with a standard daily report that breaks down your daily sales by different categories. Likewise, we can also create a customized report just for you!
We show you daily comps, voids, cash expected versus cash actuals, and more from one report.
We also allow you drill down into information via Power BI, to see which employees are authorizing these transactions if your POS is currently unable to do so.
While this may or may not be a deliberate action, it does occur. How do you fix it?
Have you ever found or caught an employee that cashed their check twice?
You would think the banks would notice this, but occasionally, it slips through the cracks and comes out of your pocket.
This can even occur outside of payroll through other forms of credits and debits.
Why try to fix these a month later when you can easily monitor for them?
The easy solution to this problem is a daily reconciliation with your bank or other financial institution. By reconciling daily with your financial institutions, you have a more accurate overview of all credits and debits.
Therefore, when you see the issues arise (intentional or unintentional) you can mitigate them right away.
What solutions provide these services?
Restaurant accounting solutions, like Navrae, connect to your bank and other financial institutions to track and log every transaction, making sure they balance out and help ensure no duplicates appear.
By tracking invoice numbers, check numbers, and transaction amounts, you can have peace of mind knowing any discrepancy gets addressed immediately, instead of a month later, because we all know it’s harder to deal with at that point.
Unlike most software programs, Navrae does not lump sum your totals. We break it down by every transaction into your general ledger.
We don’t set limits on the amount of data you can export like some software programs. This just limits your ability to track sales across multiple stores.
Navrae is not another software company. We actually provide you with a managed service, and our technicians learn what is normal for your individual restaurants. As a result, we can spot something that isn’t normal, getting you quicker actionable insights and resolving issues faster.
Navrae’s general ledger gives you drill down details into each employee, transaction, date, amounts, stores, and more.
Ensure that you are securing your POS to reduce your highest point of loss.
Have a system in place that reconciles daily with your financial accounts to ensure transactional errors are caught promptly.
Check for restaurant accounting solutions that benefit your business and help to ensure you aren’t bleeding money!
For more info on what to look out for regarding restaurant accounting solutions that help decrease internal theft contact us!