3 Common Misconceptions About Cash Handling

    Aug 04 2016

    Topics: cash handling

    For myriad reasons, handling money can be a stressful process for businesses large and small. Sometimes currency sitting in cash rooms is subject to theft. Other times, large volumes of hard cash must be counted quickly, leading to errors, missing profits, and other daunting financial issues. Many people think manual cash handling is a necessary task for all businesses, but in reality, there are more efficient ways of counting and processing company funds. Below are some common misconceptions about cash handling along with reasons why businesses should make the move to automated systems.

    1. All Small to Medium Businesses Should Manually Handle Their Cash Flow

    Large banks and businesses have utilized automated cash solutions for many years. Now, smaller companies that are used to manually handling their money are beginning to realize the numerous benefits that arise from investing in cash handling systems. Cash rooms are becoming outdated and business owners are reorganizing daily tasks; time spent counting cash is now being put towards other workplace activities. As well, everyday safety is improved. This is especially beneficial to retailers located in places that are prone to crime and theft.

    2. Manual Cash Handling Is the Cheapest Way to Take Care of Finances

    Some businesses are reluctant to move to automated cash handling systems because they think that handling the cash themselves works out to be less expensive than investing in tech-savvy machines to do the work for them. However, the process of counting money and taking it to the bank can actually be more expensive than using an automated machine. There are a lot of systems on the market that can meet a wide variety of needs. Retailers get the most bang for their buck by purchasing a single automated system that performs a large volume of tasks. The products that are currently trending in the industry feature all the usual helpful tools like counterfeit detectors, cash counters, recyclers, and more.

    3. Automated Cash Handling Services Only Benefit Banks

    There is a good reason that banks are profitable. They are always on top of the best technology and most accurate and efficient ways to handle cash. Automated cash management solutions eliminate common mistakes, increase profits, and benefit businesses long term. With in-house cash handling solutions, your employees can rest easy knowing they don’t have to take on the hefty task of counting and processing cash and can instead focus on other pressing matters. Customers appreciate the automation as well—workers can give them better service when they don’t have the responsibility of cash handling weighing them down. 

    For more information about cash handling and how it can help your business, check out our handy resource page and contact us today!

    A CFO's Guide: How Cash Handling Is Affecting Your Bottom Line 

    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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