3 Cash Management Solutions for the Food & Beverage Industry

    Jan 22 2019

    Topics: Bars & Restaurants

    The food & beverage industry is wide and varied. It includes processors and producers, but it also includes operations like cafes, pubs, and fast-food restaurants. These latter types of businesses are customer-facing, and they typically deal with a significant number of cash transactions.

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    As a result, cash management is a concern for a large sector of the industry. You may be concerned about managing tips and floats in your restaurant, or you may be thinking about how to reduce the time your employees spend handling cash in the office.

    There are several cash management solutions you may want to consider.


    1. A Currency Counter Is a Good Place to Start

    If you don’t have any cash management technology in place yet, a currency counter may be a good start. These machines are often the most affordable.

    They provide big benefits for those in the food & beverage industry. They can help you count and tally cash much more quickly than your current manual processes.

    What’s more, they can help you reduce labour costs in the business. As you know, overhead costs are high in this industry, and rising labour costs due to minimum wage increases could be putting the squeeze on your margins. By automating manual processes and producing more accurate results, you can reduce the amount of time your employees spend on cash counting in the business.


    2. Currency Discriminators Are the Next Step

    If you’re looking for a more robust solution or you want to upgrade from the currency counter you’re currently using, a currency discriminator might be the right fit for your food & beverage industry business.

    A discriminator still counts notes at lightning speed, much faster than a human can. But it also has some added features. It can discriminate between different denominations and help you sort your bank notes.

    Again, this helps you reduce the amount of time your employees spend managing and handling cash in your business. As with the currency counter, this can help you reduce labour costs.

    It can also help you get more accurate tallies and spend less time fixing errors in accounting.


    3. The Coin and Bank Note Recycler Is a Robust Solution for the Food & Beverage Industry

    Perhaps the best solution for those in the food & beverage industry, however, is the coin and bank note recycler. This robust cash management solution can help you keep the time your employees spend handling cash to a minimum.

    The recycler will prepare and dispense floats, as well as tips/due backs. Since the machine keeps a tally of everything that goes in and comes out, it also means your employees don’t need to spend time tallying their floats at the end of the shift.

    The machine also produces more accurate totals, and it keeps running records, which can establish an audit trail. It also puts the cash you have on hand back into immediate circulation, meaning you may not need to keep as much cash on hand.

    There are other benefits as well, such as better security.

    Of the three solutions discussed, the coin and bank note recycler offers the most benefits for those in the food & beverage industry.


    There Are Other Factors to Consider

    Any piece of cash management technology works best when there are good cash management policies and processes in place. Regular maintenance is also necessary. A service plan can help you increase the value of your solutions and extend their lifespans.

    Talk to a provider and discover the solutions that will best suit your needs.


    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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