3 Reasons Why You Should Automate Your Retail Cash Management Process

    Oct 01 2014

    Topics: Retail Cash Management Process

    There are several reasons why you should automate your retail cash management process. The implementation of an automated retail cash management process will benefit you, the business owner, by saving time and money while also ensuring security. Your employees will appreciate the time this will save them, allowing them to spend their time and energy focusing on the customers.

    1. Automate Your Retail Cash Management Process to Save Time

    You currently have your employees swapping cash drawers at the beginning of shifts and counting and recounting currency at the end of their shifts. You should automate your retail cash management process and eliminate these unnecessary, time-consuming tasks. The automated system is efficient and will result in increased productivity.

    Automating your retail cash management process will also reduce time spent preparing bank deposits and at the bank. Think of how much time your employees spend travelling to the bank, waiting in line at the bank, plus processing time. Stop wasting so much time at the bank during business hours by implementing an automated system.

    2. Automate Your Retail Cash Management Process to Save Money

    With all of the time saved with an automated cash management process, think of all the money you'll save. Your employees' shifts can start later and end earlier now that they are not required to manually count the cash drawers. You will see a decrease in labour costs as there is no need to count at the beginning and end of shifts. The automated process will ensure accuracy, eliminating discrepancies in cash values. Plus, any stress employees may experience having the responsibility of counting everything manually will be eliminated completely.

    The system also detects and rejects counterfeit notes, eliminating the risk of one of your employees accidentally accepting a counterfeit note. Checking each and every bill during the payment process is time consuming. Cashiers might not always have time to check every bill that comes through. If they do take the time to check each individual bill, it takes time away from the customer service experience. By introducing an automated cash management process, bills will be checked automatically. Counterfeit notes will be detected and rejected instantly. These systems offer consistency and accuracy.

    When manually checking counterfeit bills, your employees may be hesitant or uncertain when faced with potentially counterfeit notes, unsure of themselves. An automated cash management process will eliminate this uncertainty, notifying the cashier when a counterfeit note has been presented.

    3. Automate Your Retail Cash Management Process to Ensure Security

    Another reason you should automate your cash management process is for security purposes. The system offers a high level of safety against theft. All payment transactions are easy, safe, and quick. This will ultimately improve security for both employees and customers. An automated cash management process is secure and smart for the whole store.

    Automating your cash management process will reduce/eliminate internal cash shrinkage as well. Obviously you don't want to believe that any of your employees would steal from you or your business, but it's a proven fact that internal theft is more detrimental than shoplifting. However, it doesn't help anyone by being unnecessarily suspicious of all of your employees, causing additional stress and tension in the workplace. Implement an automated cash management system and reduce opportunities for internal theft. Your employees will see that you're taking measures to rectify leaks and will think again before stealing.

    As a business owner, you want to save time and money, while also ensuring security. Automating your cash management process will result in increased efficiency and accuracy. Automate your retail cash management process and watch your business grow. 

    How to Improve Your Business With An Automated Cash

    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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