Effective cash management is an important aspect of managing a business. If you don’t understand your cash flow or keep your money safe and secure, you put your business at risk. Effective cash management practices can ensure you know where all of your money is going and how much money you have. One of the ways you can improve cash management is with smart safes.
Smart safes are safes that connect to the internet and provide you with different cash management features. These features allow you to gain better control over your money.
1. Cash Counting and Reconciling Abilities
One of the things smart safes can do that traditional safes can’t is count your cash. As soon as you put money into a smart safe or take money out of it, the safe automatically adjusts its count. Therefore, you know exactly what’s in your safe at all times.
This is a huge benefit because knowing what’s in your safe allows you to keep a better eye on your money. But it also makes counting money at the end of a shift or at the end of the day so much easier. Instead of getting employees to spend anywhere from 30 to 60 minutes counting money, they can simply look at what the safe says. When your employees don’t have to manually count, it reduces the risk of error and shrinkage. It also reduces the amount of time they spend in the backroom counting. In turn, they can spend more time out on the floor interacting with customers or performing other tasks to help your business get ready for the next day. You can pay employees to work rather than count money.
2. Individual Logins
Anyone who has access to a smart safe must have a unique username and password to log in. With a traditional safe, there’s only one combination, so it’s impossible to tell who opened the safe and when. This makes it more difficult to track transactions and catch discrepancies that could be a result of theft. You might not think that employee theft is a huge problem for you, but it is a problem that many businesses suffer from.
When each employee has to log in with a unique username and password, employee theft becomes negligible because you’ll know immediately who opened the safe and if money was taken out of it. There’s now accountability that wasn’t there before, and you’ll notice a difference immediately.
3. Reporting Features
Another feature smart safes have is reporting. Each time the smart safe is opened, you get an alert on your phone. So, no matter where you are, you can keep track of your business’s money. You never have to worry about being out of the loop again.
The smart safe also sends you reports about your cash flow. With these reports, you can see how cash flows into and out of your business and when. You can see patterns in your cash flow, such as when you get too low on cash or when you have too much of it in the safe for your comfort. With that information, you can improve your cash management practices and enable your business to run at its optimal level.
There are many benefits to using smart safes. You will have more control over your cash flow, save time, and gain greater visibility.
