10 Cash Management Tips from the Experts

    Apr 05 2017

    Topics: cash management

    There’s more than meets the eye when it comes to managing your cash! From processing transactions to depositing cash into the bank, there are a number of steps along the way. It is vital for retail businesses to maintain effective cash handling processes to protect their cash and maximize profitability.

    Managing all of the moving parts of handling and processing cash may not be a main focus of your business but it will improve your bottom line and prevent losses. It is well worth your while to get your business on track to accurately and efficiently process cash. If your business struggles to keep up with the demands of cash management, here are ten expert tips to optimize how you manage cash.

    1. Stay Organized

    Any business owner knows how important it is to maintain accurate records. It should be no different when it comes to tracking cash as it makes its way through your business. In order to prevent losses that result from being disorganized, stay on top of your cash processing and maintain up-to-date records of transactions, cash totals, and deposits.

    2. Stay on Top of Your Cash

    As mentioned, managing your cash involves monitoring many moving parts. Establishing practical policies and procedures in your business and ensuring that they are followed will allow you to stay on top of your cash so you can avoid suffering from preventable losses.

    3. Look for Opportunities to Improve

    Once you have made changes to streamline your cash management process and adjusted your policies and procedures, it is important to consistently re-evaluable them to ensure that your business is operating as efficiently and accurately as possible.

    4. Uphold Policies and Procedures

    Ensuring that your staff is following your policies and procedures is crucial to maintaining the efficacy of how your business manages cash. Providing your staff with proper training and enforcing staff adherence to your policies will help make sure that your cash handling process continues without any hiccups.

    5. Watch How Much Cash You Keep on Hand

    When business gets busy, it’s easy for tasks like making deposits to fall by the wayside. Keeping too much cash on hand is an attraction for potential thieves, both internal and external. Set limits on how much cash you can keep on-site at any one time to protect your cash.

    6. Encourage Employee Accountability

    As mentioned, having properly trained staff goes a long way to maintaining good cash management practices. Trained staff members are more likely to follow policies and procedures as well as be accountable to the work that they complete. Enforce your policies and establish consequences for when policies are not followed to encourage employee accountability.

    7. Stick to a Schedule

    Stick to a consistent schedule for all of your cash handling tasks. Not only will this keep your business organized but it will allow you to easily manage all of the tasks so that you do not get behind on processing cash.

    8. Don’t Hesitate to Ask for Help

    If you are unsure of how to proceed with managing your cash or how to stop a mistake from happening, asking for help from a cash management solutions provider will set you on the right track.

    9. Maintain Optimal Staffing Levels

    Maintaining an optimal number of employees on your sales floor at all times will help you keep your cash management consistent and avoid losses. When staff members are not overworked with customer demands, they can focus on cash transactions and are less likely to make mistakes.

    10. Make the Investment in Technology

    Making the investment in automated cash management technology is an investment in the accuracy, efficiency, and security of your business. Technology allows your company to complete the cash handling process with ease and provides you with long-term savings.

    The-Most-Common-Cash-Handling-Mistakes-&-How-to-Avoid-Them

    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3

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