You may think that cash handling mistakes are inevitable in business, but they don’t need to be. Naturally, cash is vital to ensuring your business stays afloat and grows in the future. So why aren’t you taking precautions to ensure that your cash is handled properly?
When your cashiers are handling money ineffectively—taking too much time to make change, making errors while using the cash register, or giving back too much money to the customer—you are losing out on money. Your profits go down and so does your company’s productivity.
Train Your Staff
By training your staff to effectively process transactions, you will see your customers return, your staff be more confident and productive, and your bank account grow.
All cashiers need cash register training. Start off slowly, and then once they have a grasp on the basics of cash handling, introduce the more difficult transactions, such as returns, discounts, and voids. Ensure that you are training your employees for any conceivable transaction that could come in. You don’t want them to be stuck, unable to process a payment, accept a coupon, or hand out a discount if the situation occurs.
Adopt these other Tips:
- Rather than dropping a bunch of change in the customer’s hand, have your employees recite the amount and count out each bill and coin to ensure accuracy.
- Do not let employees place bills in the till until the change has been made and the customer is satisfied—this will avoid disputes over wrong change. After all, you don’t want unhappy customers who believe they are being scammed, or other customers awkwardly waiting in line until the problem is resolved.
- When it comes time to count the cash at the end of the shift, encourage your employees to count in a quiet area free from distractions, utilize a calculator, and double count every time. Also, make use of currency bands and ensure your employees organize their bills according to denomination, just in case a count has to be redone. This will save a lot of wasted time.
Create a Cash-Handling Policy
Creating a policy for cash handling is a good business practice. If a cash-handling policy is followed without exception, you decrease the likelihood of errors being made, as well as the chance of internal losses occurring. With a policy in place, it will be easy to determine where the problem occurred.
You can’t be at your business every hour of every day. You will need to trust some of your employees to manage your retail best practice cash handling procedures. First, manage your safe: Choose a few trusted employees who will have access to the safe. Create a safe log that must be signed at the beginning and end of every shift. Choose a dollar amount for both your safe and your cash drawers—and ensure that amount of money is always present—no more and no less. This count should be verified, and signed for, at every shift by your trusted managers.
Letting cash move around from one shift to another without being counted can also cause discrepancies that will be nearly impossible to track to one employee.
To confirm that your employees take your cash handling policy seriously, have it in writing and make each staff member sign a copy of the policy. Do not let cash loss be a regular occurrence in your business. Create proper cash handling procedures to keep your business’s money safe.