As a business owner, you’re likely aware of just how much technology can do for you. As new technologies emerge, you can streamline your business operations for maximum productivity and efficiency. That said, it doesn’t always make sense to invest in brand-new technology immediately.
Many business owners decide to wait to overhaul some aspects of their companies, even when new technology is available. Some prefer to see whether the technology is worthwhile first. Others might not feel they have the budget at the moment. Still others are convinced the way they’ve been operating is just fine.
Cash management is often one of those aspects where business owners opt to play wait-and-see. If you notice any of these four signs, though, it’s time to give your business a complete cash management makeover.
1. Your Complete Cash Management Solution Is Manual End to End
It’s time to leap forward in time from the 20th century and get on board with at least some of the automated cash management solutions available.
If you’re still managing every aspect of your cash management solution by hand, even adopting one device could make an enormous difference in your business. Think about how much time you could save your employees if you adopted a cash sorter or a cash counter.
These solutions only automate part of your cash management process, but they’re a step in the right direction.
2. The Cost of Cash Handling Is Too High
It’s costly to process any type of payment in a business. Generally speaking, though, the costs of handling credit cards tend to be higher than those associated with handling cash.
If you’re not sure what it’s costing you to handle cash, use a cost of cash calculator. Tally up how much you pay for your bank account, for pick-ups and deposits, and employee time spent on cash handling tasks. This can include counting tills and managing floats, as well as gathering cash from tills.
If the cost of cash is higher than any other type of payment, it’s time for a complete cash management makeover. Even if you’re not paying that much for cash handling, there’s still a chance you could reduce your costs.
3. Your Labour Costs Are High and Productivity Is Low
Take another look at the cost of handling cash in your business. How much of the cost is attributed to labour? Whenever an employee spends time handling cash, it drives up not only the cost of cash in your business, but also your labour costs. What would happen if your employee could spend those minutes attending to other tasks?
Chances are your productivity would soar. If you’ve been wondering how to improve productivity in your business, the answer could be to improve your cash management process.
4. The Technology You’re Using Is Outdated
Maybe you’re not using manual processes for cash handling. You decided to invest in cash management technology five or ten years ago.
It could be time for another complete cash management makeover. Technology has improved by leaps and bounds in the last few years. What you’re using may be outdated. Getting parts may be problematic as the machines age, and software may not integrate with new programs your vendors use or you want to adopt.
In this case, it’s time to overhaul what you’re using and start fresh.
Is it time for a complete cash management makeover in your business? If so, get in touch with a provider to discover new solutions.