I am an owner of a juice bar. We've been in business for about 4 months and noticed our expenses and profits didn't add up.
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It really depends on the types of theft that are taking place, money or product. Installing security cameras is a great idea to prevent both as well as doing daily inventory of product and balancing the cash drawer daily. There can be many other types of measures put into place as well, but these are a couple of ideas that can be implemented immediately and deter theft.
Pam Newman is a Certified Management Accountant, author and Certified QuickBooks ProAdvisor for Financial and Point-of-Sale software. She is also president of RPPC, Inc., which provides customized business development services.