There’s no denying automated cash management technology is a boon to many business owners today. If you handle cash transactions, you could benefit from automating the process.
Of course, realizing these benefits depends heavily on using your technology the right way. If you’re making any of these three mistakes, you’re not getting as much as you could be out of the cash management solutions you’ve adopted.
1. You’re Not Providing Training for Automated Cash Management Technology
This is perhaps the most common mistake business owners make when they adopt new cash management technology.
Technology is a great tool in almost any capacity. However, it only helps when it’s being used properly. If your team isn’t sure how to use a machine or uses it incorrectly, they could be costing you more or slowing you down.
Take a cash counter for example. If a new employee isn’t properly trained to use the machine, they may insert coins and bank notes incorrectly. The machine could jam, which forces the employee to stop and fix it. This cycle of jamming and unjamming slows down the process. It may also cause damage to the machine, leading to higher costs.
The employee may declare that it’s faster and easier to count by hand, leading to errors in your cash management process and missing records. By contrast, when an employee has proper training, they can use the machine exactly as it was intended. The machine, when used correctly, provides faster counting and more accurate tallies. It also supplies a paper trail.
2. You Believe Maintenance Only Happens When Something Goes Wrong
How much preventative care do you give your automated cash management technology? If the answer is none, you’re not alone. Many business owners apply a “if it isn’t broken, don’t fix it” mentality to their cash handling equipment.
This often leads to higher costs when the machine does break, because it’s been poorly maintained. A lack of care may also cause the machine to malfunction more often, which can slow you down and causes errors or inaccuracies.
These are exactly the kinds of issues you want to avoid when you adopt cash management technology. By ensuring you have preventative maintenance protocols in place, you can keep your machines in better working order for longer.
Talk to your equipment provider about maintenance. Even regular cleaning helps them last longer.
3. You’re Using Outdated Technology
It’s no secret that cash management technology isn’t something you want to splash out on every fiscal year. When you invest in new equipment, you expect it to have a long lifespan.
That said, many business owners hang on to their cash handling equipment far past the expiration date. You may believe this is saving the business money, because the costs of purchasing new equipment seem high. You might also believe that your equipment is doing just fine.
Older equipment tends to be less efficient, in part because it’s outdated technology. An older machine may not integrate with a new software system you want to introduce. Older machines also have aging parts, which can mean more malfunctions and breakdowns.
Whenever you invest in automated cash management technology, you should create a plan for eventual replacement. While you hope your equipment will last for several years, there will come a point in time when you have to replace it. Having a strategy in place will help you stay up to date.
These three mistakes are some of the most common missteps business owners make when it comes to adopting and using automated cash management technology. If you avoid them, you’ll be able to realize even greater advantages from your machines.
