Manual cash handling comes with risks and challenges. From increased labor costs to human error, these risks can take a toll on your bottom line. That’s why so many small, mid-sized, and large businesses are choosing to automate cash management. This move not only reduces the costs and risks of manual cash handling, but it also streamlines business operations and increases efficiency.
Once you’ve decided to automate cash management at your company, how can you make it easier to put the right technology in place and maximize ROI? These three tips can help.
1. Assess Your Business’s Needs, Challenges, and Goals
Cash management automation can look different for every company, even those in the same industry. Your volumes of cash, space requirements, and budget may play a role in determining the right solution.
Another important consideration can be your unique cash management challenges. Are you currently spending too much time on cash handling or are you trying to reduce human error and losses?
You’ll also want to consider what you want to accomplish with cash management automation. Is shrinkage a big concern you’re looking to overcome or are you looking to gain more visibility into your cash position at all times? Perhaps you’re seeking to increase security or streamline processes in multiple locations.
Carefully assessing your business’s needs, challenges, and goals can make choosing the right cash management solutions easier. While one company may benefit most from currency discriminators, another may see a higher ROI from smart safes or coin and banknote recyclers, for example. What’s more, there are different makes, models, and price points for all the different types of cash management equipment as well, so you’ll be able to find the right one for your needs and budget.
2. Work with a Reputable Cash Management Solutions Provider
Not all cash management solutions providers are created equal, and you should expect more than just a hardware purchase from your provider. Ideally, your cash management solutions provider should be experienced with a long-standing reputation in the industry. The provider should also carry a wide array of different brands and models at different price points.
Work with a provider that can become your partner, that can recommend products that improve your business operations and that can provide cash management services you can depend on to keep your equipment working optimally.
3. Choose a Complete Cash Management Package
A complete cash management package is a new entrant in the world of cash management. It’s an end-to-end solution that combines hardware, software, and service and training—everything you need to get started with cash management automation.
CashTech offers a Complete Cash Management Package that lets you choose among industry-leading smart safes and coin and banknote recyclers for hardware. Then, you choose among two types of cash management software that integrates into the hardware to allow you to track, manage, and report on your cash from anywhere. Finally, the package includes setup and training to get you up and running with your new equipment quickly, as well as the maintenance and support required to reduce equipment downtime.
A cash management package makes cash management automation a lot easier. It allows you to pay a monthly cost rather than having to pay upfront for equipment and having to pay for unexpected maintenance expenses at any given time. It also includes every aspect of cash management you need to truly transform your cash handling process and see the best return on investment.