Cash Flow From Assets Involves Which Of The Following Components Comprehensive Loss Prevention – Much More Than Random Acts of Reaction

You are searching about Cash Flow From Assets Involves Which Of The Following Components, today we will share with you article about Cash Flow From Assets Involves Which Of The Following Components was compiled and edited by our team from many sources on the internet. Hope this article on the topic Cash Flow From Assets Involves Which Of The Following Components is useful to you.

Comprehensive Loss Prevention – Much More Than Random Acts of Reaction

The deposit mysteriously disappeared, so instructions were added to the cash handling and bank reconciliation procedures. The cashier was caught stealing. They fired her and hired a replacement after doing a little more thorough background checks on them. There was an act of vandalism, so cameras were installed. The number of slips and falls increased, so the floors are mopped more often, and employees are advised to be more careful when walking on wet floors.

The solutions above are part of a loss prevention program that was developed as a progressive response to problems in the retail and restaurant environment. This happens because of the imperative to protect company assets, profitability, and the health and safety of employees and customers. They can provide a short-term solution or act as a band-aid to mask larger underlying problems.

Coordinating efforts to curb the many causes of retail and restaurant profit drain and vulnerability to crime requires a comprehensive plan. The plan begins with well-written policies and procedures with clear expectations on hiring, training, cash management, POS procedures, food preparation, merchandise handling, fraud and theft prevention, security, inventory control, and compliance audits.

Policies and Procedures – Well-written and comprehensive policies and procedures are the foundation of a successful business. It provides a “way of working”, direction and accountability for everyone in the organization.

Recruitment – A productive and cohesive workforce starts with a culture that has clear expectations for performance that align with shared goals. Recruiting new employees is about finding the right person for the right position. Pre-employment screening, personality assessments, competency testing and other tools to identify the right employee can be incorporated into a comprehensive loss prevention program.

Training – Once the right person is hired, they need to be trained in the basics such as time and attendance record procedures and the essential skills needed to do their job effectively and efficiently. They must know the policies and procedures, have access to a copy, and confirm in writing that they understand the company’s expectations of them.

Cash management If the employee handles cash and/or deposits, they must demonstrate accuracy in counting cash, skill in managing cash registers, and accountability in fully meeting accountability expectations.

Point of sale (POS) procedures – Cashiers must follow correct transaction procedures when dealing with cash and non-cash cards. Acceptable limits on monetary variances and monetary components such as no sales, voids, refunds, price reductions, employee rations and promotions should be established. Managers and supervisors must understand how to use the appropriate reports from the POS system to identify training and theft issues. Appropriate disciplinary action may then be taken.

Food preparation and handling – Proper food preparation and handling training is extremely important in serving a quality product. It also serves to reduce raw materials and final waste and plays an important role in maintaining adequate inventory control and efficient food ordering.

Handling of goods – Receiving goods, preparing them for transfer to the sales floor and reconfiguring displays requires delicate handling. Accuracy in pricing and passing on price reductions is extremely important.

Stock overview – Proper product sales analysis, first-in-first-out inventory rotation, and establishing an inventory of key items are essential elements of effective inventory control procedures. Loss prevention measures include documenting sold-out merchandise, food waste, securing and controlling access to the back door, and training all employees on issues affecting low food costs and shrinking inventory.

Fraud and robbery prevention – External fraud and theft pose a serious threat not only to a company’s profitability, but also to the health and safety of employees and customers. Employees trained to recognize suspicious behavior and transactions and respond appropriately can minimize fraud. They must also be trained in procedures designed to prevent robberies and how to respond appropriately during and after a robbery to reduce the risk of injury or death.

Security – There are many hazards that threaten the health and safety of employees and customers. Wet and greasy floors contribute to slips and falls. Employees who do not wear personal protective equipment (PPE) are susceptible to serious burns, cuts, falls and other injuries that affect productivity and profitability. Improper training can contribute to fires, poisonings, electrocutions, limbs caught in equipment, even death.

Revisions – A systematic audit program is a key component of a comprehensive program. Checks that company policies, procedures and processes are regularly followed and that checks and balances are in place. When non-compliance is identified as a problem, corrective and follow-up action plans keep activities focused on achieving goals and discourage counterproductive behavior.

Progressive Discipline – Effective progressive disciplinary policies recognize and address employee misconduct, poor performance, unacceptable behavior and policy violations. The severity or repetition of the behavior or violation will determine the level of discipline, ranging from verbal warnings to termination. Consistently and fairly applied, a progressive program of discipline increases efficiency and productivity.

Safety and protective equipment – All of the above components of a comprehensive loss prevention program can be implemented at little or no cost. The program can be effectively supplemented with equipment that increases profit protection and crime prevention. The financial investment will pay off handsomely. Data mining and exception reporting software provides valuable information about employee productivity and performance. The software can be integrated with digital cameras to highlight suspicious activity and attach related video. SMART vaults protect assets, significantly reduce working hours for cash counting and deposit preparation, and limit exposure to cash theft and robbery. Floor cleaning machines provide greater cleaning power and reduce the slippage of floor tiles.

Addressing safety and security issues only as they arise is akin to the old arcade game of Whac-A-Mole. Once the stain appears, it’s nailed in, only to pop out somewhere else and get nailed in again. The game speeds up faster and faster until the player can’t catch up. A comprehensive loss prevention plan is the coordination of programs, techniques, training and equipment to prevent money laundering and crime and provide an appropriate response to mitigate it if it occurs. You’re ready for that little blemish if and when it shows up. And once you hit it, it’s unlikely to respawn, saving you time and energy.

Contact a loss prevention professional like LossBusters (www.LossBusters.com) to help you with your analysis and your loss prevention efforts. They can then make recommendations that will increase your profitability by reducing your vulnerability to the health and safety of your employees and customers, counter-productivity and crime. A comprehensive plan is much easier to maintain than trying to figure out what to do next.

Video about Cash Flow From Assets Involves Which Of The Following Components

You can see more content about Cash Flow From Assets Involves Which Of The Following Components on our youtube channel: Click Here

Question about Cash Flow From Assets Involves Which Of The Following Components

If you have any questions about Cash Flow From Assets Involves Which Of The Following Components, please let us know, all your questions or suggestions will help us improve in the following articles!

The article Cash Flow From Assets Involves Which Of The Following Components was compiled by me and my team from many sources. If you find the article Cash Flow From Assets Involves Which Of The Following Components helpful to you, please support the team Like or Share!

Rate Articles Cash Flow From Assets Involves Which Of The Following Components

Rate: 4-5 stars
Ratings: 5941
Views: 38902247

Search keywords Cash Flow From Assets Involves Which Of The Following Components

Cash Flow From Assets Involves Which Of The Following Components
way Cash Flow From Assets Involves Which Of The Following Components
tutorial Cash Flow From Assets Involves Which Of The Following Components
Cash Flow From Assets Involves Which Of The Following Components free
#Comprehensive #Loss #Prevention #Random #Acts #Reaction

Source: https://ezinearticles.com/?Comprehensive-Loss-Prevention—Much-More-Than-Random-Acts-of-Reaction&id=6604558