How Sourcery Can Help Stop Shrinkage, Waste, Over Portioning and Theft
If you own a restaurant or food service industry, you probably realize that employee theft can greatly affect your bottom line. Below are some innovative ways to combat this problem. You will also learn about an efficient, online AP automation solution created specifically for the foodservice industry.
Facts About Employee Theft
Unfortunately, about 95 percent of all business are victims of employee theft. It is estimated that nearly 75 percent of employees steal from their place of employment at least once. These figures indicate just how big of a loss your company can lose in revenue if the status quo never changes. Surprisingly, it is the older employees, management, and executives who manage to steal the most merchandise from their employers. Some of the most common reasons that employees steal from their employers include:
- They feel they are overworked and underpaid.
- They think that small items won’t be missed or that larger items will be covered by insurance and the company won’t suffer.
- Employees caught stealing receive minimal punishment, or the employee believes the rules won’t be enforced.
Ways to Decrease Employee Theft
Use wise practices in hiring; this helps ensure that your team is made up of quality people. Just because a reference on an application looks appealing doesn’t mean it is a legitimate resource. Many people lie on their applications because they are banking on the fact that most employers never get around to actually calling past employers or references. Also, verify any certifications, degrees or other education the applicant claims to have earned.
To prevent huge losses in revenue from waste, shrinkage, theft and over portioning, have a meeting at least once a year to go over the company’s policy. Have the policies written in a clear and easy-to-understand format. Have each employee sign and date that they understand the policies when they are hired and at the annual meetings. These meetings are also a good time to explain how theft, waste, shrinkage, and over-portioning affect the bottom line. Once the employees understand how these actions affect raises and bonuses, they will be quicker to report any discrepancies that they witness.
Conduct inventory on a regular basis. Doing this at least once a month tends to detract potential thievery because the losses will be detected quickly. Utilizing software — like Sourcery — helps you to keep track of all aspects of your business.
How Sourcery Helps
The Sourcery software allows you to email or scan your invoices to a searchable database. Once they are received, they are checked for costly errors by both the software and our staff. After being reviewed, they will be converted to searchable and actionable data. This allows you to browse through your invoices quickly when you are searching for particular needs. With our special features, you can access the data, pay invoices online when they are due or check on historical spending patterns anytime you please.
The analytics feature in Sourcery allows you to find outliers, track high volume purchases in real time, and make knowledgeable decisions on purchases you may make in the future. This results in less wasted time by allowing you to access the important information you need in a timely manner.
The Sourcery solution for food service industries provides huge benefits to the cost, flexibility, and simplicity of your business. The Sourcery solution ensures that your organization can utilize the best technology when needed. It also provides you with a dedicated team that helps you manage vendor relations and invoice data entry. You can review the information on easy-to-read statements that you receive each week or on a monthly basis. The Sourcery solution ensures that no invoices go unpaid. Most importantly, it makes sure that nothing goes unnoticed in your business practices, and that affects your bottom line in a positive manner.