Your store's bottom line is often dependent on the cost of retail cash management, as it has a direct impact on your store's operations. If you are not handling and managing cash properly within your business you are likely wasting precious time and money on labour costs, human error, counterfeit, and the dangers of theft—both internally and externally. By implementing effective cash retail management methods you will be able to reduce the risks facing your business better while cutting costs and ensuring that your bottom line is as optimal as possible.
Want to know more? Here are three things that you should know about effective retail cash management.
Establish a Procedural System For Cash Handling
For many retail businesses a large portion of losses can be attributed to cash handling errors and improper cash handling practices. One of the best cash management solutions is establishing tight policies and procedures for yourself and the rest of your team to follow. Make sure these are in writing and have each employee read and sign off on them to ensure they understand just how important they are. This ultimately sets them up for success.
Have a Strong Team
While cutting your staff might seem like a great way to reduce overhead and boost profits, it can also sometimes lead to an increased shrink rate over time, along with low morale. When your business is short-staffed you may find that your employees are often rushed and in turn become sloppy with cash handling. When this happens employees often don't take the time to inspect bills for counterfeit and ensure accuracy in each and every transaction. Counterfeiting is one of the oldest crimes in history and needs to be approached diligently.
Utilize Retail Management Systems
Money Counters and fraud-fighter counterfeit machines will increase the productivity, accuracy, and margin of error of your retail business. Manually checking the amount of cash at the end of the day leaves room for human error. Meanwhile, cash counters typically have 100% accuracy. This is a timesaving method compared to the manual method of counting money out two or three times. At the end of the day investing in retail management systems pays.