The woes of retailer Dick Smith and the swift handling of gift vouchers by the Administrator are a reminder to small business retailers about proper management of gift vouchers. By proper management I mean professional tracking of sales, use and balances, knowing at all times and instantly the liability of the business in terms of live gift vouchers.
Good software will track this for you.
Gift vouchers are an important product in any retail suite. Managed poorly they can be problematic. That is why they are best managed by a technology solution that is linked directly to your business accounting facility.
The money paid for a voucher is not yours to spend, it cannot be used as working capital. It is best isolated until redemption. This is easily managed by good software and a competent accountant.