3 Ways to Avoid Cash Handling Mistakes (Updated 2020)

    Feb 08 2020

    Topics: Canada, Cash Handling Solutions, Retailers

    If the statistics are anything to go by, new forms of payment have a long way to go before they overtake cash. Your business is going to be handling cash for the foreseeable future.

    Even if a new, cashless society isn’t on the horizon just yet, you may be wondering why you’re stuck making the same old cash handling mistakes. While cash handling errors sometimes feel inevitable, the truth is that they are easily avoidable.

    Download "9 Cash Handling Best Practices for Retailers" to improve cash  management in your retail business today!

    How? You can get started with these three methods. Add one or all to your business and see the difference they make as your team handles cash the right way.

    1. Create a Cash-Handling Policy

    The very first step to reducing cash handling mistakes is creating good cash handling policies. Think about how you record who accesses the safe, or who signs for deposits and pick-ups. How should your team create floats? You may even want to think about issues such as where they count cash.

    If you’ve been handling cash for quite a while, now’s a good time to review your policies and procedures. Make sure they’re in line with the cash handling technology you use. Then ask yourself to explain why you handle cash this way. Streamlined procedures are important, but so are measures for cross-checking and double-checking.

    For example, you could ask employees to count the safe and cash drawers to make sure they’re at a specific dollar amount. A supervisor or manager may then need to verify this amount and sign for it. This process might seem redundant, but it can help reduce errors.

    2. Train Your Staff

    Once you’ve reviewed your policies and are able to explain them, it’s time to train your staff. A procedure is no good if no one ever sticks to it. Your team members can’t follow the steps if they don’t know what they are.

    Show your cashiers how to count back change, and explain why it’s important to count using this method. Ensure they know how to handle coupons, discounts, and more.

    Then it’s time to move into the back office. Go over cash-handling procedures with your cash supervisors. Show them how to create a float and prepare deposits for pick-up. When they know the procedures, they’re more likely to execute tasks the right way. When they understand why you double-check the amounts or how the count-back method of making change helps reduce errors, they’re more likely to use these methods too.

    Someone who doesn’t understand why your policies are in place might not follow each step. They may think they’re being more efficient, when they’re just creating more problems.

    With everyone on staff trained properly, you can also enforce your procedures. If someone makes mistakes, you could use the procedure to easily find the error. You can also ask them why they didn’t follow protocol and hold them accountable for their actions.

    3. Invest in the Right Cash-Handling Technology

    It’s unlikely your team members will follow procedure perfectly every time. Even if they do, they may make simple mistakes in their math. After all, they’re only human.

    That’s where cash-handling technology comes in. Instead of leaving it up to your employees to sign in and out of the safe, digitize the process by investing in a smart safe. If you’re concerned your team’s counting isn’t as accurate as it could be, it might be time for a coin or banknote counter.

    With the right technology on hand, you can minimize the cash-handling mistakes your team might otherwise make. Speed and accuracy are at your fingertips.

    Ready to discover a better way to handle cash for your business? Get in touch with the experts and discover the different technological solutions that can help you. Fewer mistakes mean a better bottom line.

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    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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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3

    905.696.0733