3 Reasons Why Cheque Scanning Can Boost Small Business' Profitability

    Nov 05 2014

    Topics: Cheque Scanning

    If you own a small business, you are probably constantly looking for ways to boost profitability to keep your company afloat and hopefully to be able to grow in the future.

    An easy way to increase your profits is by enhancing productivity. A simple way to achieve this is by implementing cheque scanning into your day-to-day operations. Cheque scanning can increase your profitability for three reasons.

    You no longer have to go to the bank to deposit cheques.

    In this digital age, depositing cheques is about the only reason you have to make a trip to the bank. Thankfully, cheque scanners eliminate that trip, too. There’s no need to physically make your way to your branch—which can be a long trip if your office is in a remote area—and wait in line to deposit your cheques, wasting valuable time that could be spent on more important business tasks.

    Digital cheques have the same legal weight as paper cheques, and with a cheque scanner, you can remotely deposit cheques from virtually anywhere, anytime. This is especially beneficial to a small store that has to close its doors whenever the owner has to run to the bank to deposit a cheque. Now, you don’t have to leave your office and your business can continue to run like usual. You’ll also eliminate the delay between the moment you receive a cheque and the moment you have enough time to get to a bank—meaning that your money is in your bank account faster than ever before.

    The process is simple: Scan the cheque with your device, which will take a digital image of both the front and back of the cheque. Then, send this digital cheque to your bank for deposit and wait for it to clear. Your money will be deposited to your account quickly, safely, and efficiently.

    Your bookkeeping will be easier than ever before.

    Cheque scanners ensure that your company’s books stay up to date. Many cheque scanners are equipped with a software application that can quickly and easily create deposit slips and cheque listings so you always have the back-up information you need when receiving or providing cheques. Your cheque debits and credits will always be in order, and you won’t have to hire a bookkeeper or spend extra time balancing your books at the end of the day, week, or month. Because the scanner is accurate and almost never reads the cheque data incorrectly, you’ll have confidence that your books are correct. We all know how easy it is to enter the wrong amount when you’re manually processing a lot of cheques at the same time—cheque scanning saves you the trouble of double-checking your accounting work.

    You will save on costs associated with paper cheques.

    We all know too well how much time is wasted on dull and routine administrative tasks. Suffice it to say, the less time you can spend on them the better. You’ll have more time to focus on more valuable tasks that can help your small business increase profitability. By using a cheque scanner, you will significantly decrease the amount of time spent behind a desk in the office. You will no longer need to photocopy and file each cheque or organize the data manually. Cheque scanning can process over 100 cheques per minute. What’s more, you’ll save on storage space and costs as well. Valuable time and money will be saved.

    Cheque scanning is safe, easy, and most of all, convenient. It will certainly benefit your small business—you will see your productivity and profitability increase. 

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    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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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3