4 Challenges Small Businesses Can Solve with Cash Automation

    Oct 14 2019

    Topics: Cash Automation

    As a small business owner, you face many challenges. From rising overheads to marketing your business to keeping the right inventory on hand, you make dozens of decisions that affect the profitability and success of your business.

    You’re always looking for creative solutions to these challenges. One solution you might not have considered yet is cash automation. In the age of electronic payments and debit and credit cards, streamlining how you handle cash may not seem all that important.

    So you might be surprised by how robust this solution really is. Here are just a few of the challenges that small business can solve with cash automation.

    1. Reduce Labor Overheads

    The first – and perhaps most surprising – advantage of automating your cash is how much it lowers your labor costs.

    To understand how, consider think about the amount of time your team spends handling and managing cash each week. How much time does it take a cashier to count up their till or prepare a float? Now multiply that number of people on each shift, and multiply that by the number of shifts you have in a week, and you’ll see just how much time is eaten up by this seemingly small task.

    The number of hours being poured into cash management expands when you focus on those employees who spend time counting, sorting, and preparing deposits. Record-keeping, trips to the bank, and CIT pickups also take employee time.

    When you automate cash handling in your business, you can reduce the amount of time any staff member spends on cash-related tasks. In turn, you lower not just the costs of handling cash, but the labor costs as well. You may no longer need as many people in the cash office or as many overlapping shifts for your cashiers.

    2. Reduce Errors

    Automating your cash handling also helps out your accounting team. Manual processes for recording and reconciling the books take time, but they’re also prone to human error. In this case, the machine does it better.

    By reducing the number of errors, you can continue to free up your staff’s time. They no longer need to spend time finding and correcting each error. Automation also provides you with a better, clearer picture of the cash in your business.

    3. Reduce Banking Overheads

    Another advantage of cash automation is the reduction in the fees you’re paying to handle your cash. Since those fees are paid out of what you’re bringing in, reducing them could assist you in boosting your bottom line.

    Automated cash handling helps you streamline the number of bank runs you make or the number of CIT pickups you schedule. By streamlining these banking activities, you can reduce the fees you pay.

    You’ll also be able to improve cash visibility, which can assist you with managing floats. When you automate your cash handling, you don’t have to worry about putting your money into your bank account, only to withdraw it again a few hours later.

    4. Improve Cash Visibility

    Another challenge small business owners often encounter is cash visibility within the business. You may not have a good sense of how much cash is flowing into or out of the business until you’ve closed up shop for the day. That makes it difficult to keep track of your cash, and even more difficult to make decisions.

    Cash automation changes the story. With it, you’ll have a better view of every penny moving in and out of your business, with real-time monitoring. With up-to-the-minute information in hand, it’s easier to make better decisions about your cash.

    These are just some of the many advantages cash automation can bestow on small business owners. Discover what a cash automation solution could do for you by talking to the experts today.

    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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