Obviously, banks deal in cash, and lots of it. But the amount of currency going through a financial institution can be overwhelming for the staff members. Employees are trying to quickly process transactions, keep the lines moving, and keep the customers happy.
They simply do not have the time to sort through all the cash that is coming through the bank each and every day. They might have to stay late to sort and count all the currency or they might rush through their more important business tasks, like taking care of clients, in order to get the sorting done on a timely schedule.
Or, they might rush through the sorting process in order to get home on time, which can lead to accounting errors, missing money, sloppy organization, and bad storage practices.
To create order out of chaos, it is important to have an effective cash management system in place. Luckily, there are simple solutions on the market that can help your bank branch get organized so it can run smoothly. It begins with sorting money.
Here are three steps that your bank branch can use to more effectively sort money.
Create Sorting Procedures to Be Followed by All Employees
Sorting money properly starts at the front of the line with the tellers. It’s important to have your tellers involved in your cash management solution. Creating a guide of procedures to be followed by every employee who is handling cash can save you a lot of headaches later on. As your employees are taking money in throughout the day, they should be handling this cash properly by keeping it organized as it comes in so you can have an easier time at the end of the night.
Invest in Automated Money Sorters
Manually counting and sorting money is a time-consuming thing of the past. Now, automated bill and coin recyclers can do this work for you, quickly and more accurately. Through digital recognition technology, sorters and recyclers organize batches of mixed bank notes or coins into bins or stacks of separate denominations, and count the cash simultaneously. Bill sorters can even alert you to damaged and counterfeit notes, while coin sorters will reject bent coins. You can even buy attachments for your sorters that can bag and roll your coins, too.
These error-free sorters can process thousands of bills and coins per hour, making a job that could have taken hours now faster than ever before. When you use currency sorters and/or recyclers, your bank’s productivity will increase since your employees will have more time to focus on customer service. Additionally, you will save time from having to recount money when discrepancies pop up in your system because of counting errors, and you will save money from the internal theft that can occur if a dishonest employee is aware of your sloppy cash management practices and decides to take advantage of the situation.
Store Your Currency Properly and Securely
The currency sorters or cash recyclers have counted and sorted your cash—now what? You must now ensure that all your cash is organized in a proper manner and placed in safe storage to reduce the misplacement of any stack of bills or roll of coins. When every dollar is accounted for, wrapped up, and recorded, you can ensure that your money is exactly where it is supposed to be.
When you organize and properly manage your currency sorting process, you will streamline your bank’s productivity, reduce the incidences of accounting errors, increase cash management efficiencies, and cut costs. In this economy, you simply can’t afford to keep sorting money in a disorganized way.