May 25, 2017
How to better manage exception reporting
Twenty-six percent of retailers say cash theft is their top cause of loss, according to the 2015 U.S. Retail Fraud Study. It might be the top cause of loss for the other 74 percent of retailers, too – they just don’t know it. Cash theft doesn’t just cost the actual cash you lose, after all. It also costs you the time it takes to identify, track and resolve the source of the loss.
Currency management exceptions can be difficult to manage. For example, did you ever consider that excessive exception reporting, or being too controlling about your currency management exceptions, could be a bad thing? Your procedures – carefully designed to prevent loss – could be costing other departments in labor or fees. And if your employees think you expect absolute perfection when it comes to tracking accountability, they might do things like spend $50 worth of time on the clock trying to find a missing $5 bill.
On the other hand, if an insufficient corporate reporting structure means you’re only learning about exceptions like over/shorts, refunds and void transactions at the end of every week, you’re losing time to solve the problem – and, in turn, money.
And whether you’re a little too lax with your exception reporting or you have a complex set of reports and checklists for employees to fill out every day, none of it matters if you don’t “close the loop.” Even the best checklists only give the illusion of control if you don’t have processes in place to follow up on every step of the currency management process.
Automated real-time reporting is by far the best way to find a middle ground, address all three of these potential issues and prevent cash loss. The right solution can help you resolve exceptions more efficiently at less cost, with less hassle for you and your store employees.
In our Currency Management Exception Reporting white paper, find out if you’re making any of the three common exception reporting mistakes and get detailed advice on how to control exceptions without increasing costs.