Efficiently running a casino can be difficult, especially on the financial side. Casinos are bustling with customers who have cash to burn. On any given day, gaming establishments can have millions of dollars’ worth of cash coming through its doors. In order to count, organize, and store all this cash, casinos must implement the right cash management strategies.
You might think that your current cash management is as effective as it can possible be, but there are many strategies that simply are not suitable for the gaming industry, and should be avoided in order to ensure that your cash is handled properly and efficiently. Here are three cash management strategies to avoid at casinos.
1. Double Counting
Double counting all your daily counts seems like a sound strategy for reducing the chances of human error. However, there are easier, more efficient ways to count, sort, and organize your cash. Double counting takes too much time, especially for the high volume of cash on hand at a gaming establishment.
Instead, when you use bill and coin counters, sorters, and wrappers, you don’t need to count your cash twice, because these machines are error-proof. Double counting is a good tactic when your employees are doing the counting, but using machines instead to do this work eliminates the chance of human error. Automating this process makes double counting obsolete. You will save valuable time so you and your employees can focus on customer service and other business tasks, while ensuring accuracy.
2. Keeping a lot of Cash on Hand for Big Winners
When you run a gaming establishment, you know that sometimes customers win big. Most casinos want to have cash on hand to pay these big winners right away. However, keeping a lot of cash in storage for these big-winner occasions only leaves you vulnerable to misplaced money, shrinkage, and theft. Ideally, you should only store as much as you need on hand for a typical day at your casino. If your company’s policy allows it, give out a cheque or a voucher if a customer wins more than you can pay out at that time. Make bank deposits regularly so you have less cash to manage and handle every day.
3. Using the Same Automated Cash Management System for Years
You have been using your cash system for years. You are comfortable with it. You trust it. You know how your machines work and you feel like they have kept you safe until now, so why upgrade? Casinos are prime spots for criminals. New technology is making it easier for these criminals to steal from your establishment, so you need to keep ahead of them by having the most up-to-date and advanced cash management systems possible. Most importantly, update your counterfeit bill detectors in order to reduce the risk of being scammed by these tech-savvy fraudsters.
Get the Right Solution for Your Business
There are many cash management strategies available to you today. Every company will handle and manage its cash differently, picking and choosing the strategies that work best for them. However, not every strategy is right for every industry. When you are managing large amounts of cash on a daily basis, you must ensure that you are using the best strategies for the volume and the industry that you are working in. Ask a cash management expert for a complete audit of your policies and procedures along with cost saving recommendations. When you avoid these three strategies, you will be more confident that your establishment’s money is being handled safely, efficiently, and quickly.