As a small business owner, you’re keenly aware of how slim your margins can be. You’re often looking for ways to increase productivity and reduce overheads, just as often as you’re looking for new ways to drum up revenue.
There are a number of reasons cash automation might be the solution you’re looking for. While many small business owners think they can’t afford to automate their cash management, not doing so could be an even costlier decision.
Here are some of the many advantages of automating cash management for small businesses.
1. Save Time Counting and Preparing Tills
How much time do your employees spend counting their tills at the end of a shift? Maybe you have your cash supervisors prepare tills before each shift, managing the floats in them.
With cash automation, you can free up your employees’ time. There’s no need to count the till at the end of the shift when a machine’s been tallying it all along.
This could help you reduce labour costs associated with cash management. You will even be able to reduce overall labour costs, as you no longer need to schedule cashier shifts to overlap.
2. Put the Focus Back on Customers
What can your employees do with all that extra time they’ve saved now that they don’t need to count their tills manually?
One of the most productive things they could do would be to spend more time helping your customers. How many more customers could they serve each shift if they didn’t need to spend 15 or 20 minutes tallying tills?
Cash automation is known to increase employee productivity, often for this very reason. It’s also tied to increases in revenue. As your employees serve more customers or provide better customer service, they’ll encourage customers to shop with you more often.
Employees can also engage in other tasks, such as tidying up shelves. In turn, this can assist with higher revenues.
3. Eliminate Errors
Your employees are only human after all, so they’re bound to make mistakes. This is especially true when you’re counting tills and preparing bank deposits by hand.
Cash management technology like coin and bank note recyclers can help you reduce or even eliminate some of the most common errors. They keep electronic records of all transactions. Machines are almost always more accurate than human beings, which means you won’t need to spend as much time tracking down and correcting errors.
4. Track Your Cash Inventory Accurately
Are you running low on fives? Will you need to take all these quarters to the bank? Cash management technology can help you keep a closer eye on the cash situation in your small business.
Managing your cash inventory helps you deliver better service to your customers, and it can help you save time too. How many times have you had to send someone on an extra bank trip to make a deposit or collect change?
Cash management technology eliminates the need to do this. You can manage your inventory and store it securely as well.
If you’re not already using cash management technology in your small business, it’s time to consider adopting it. It could be the solution to some of your biggest business challenges.