Do you realize that your cash handling process is costing you money? When your procedures are lax and inefficient and when you’re manually counting, sorting, processing, and reconciling money every day, you’re basically just throwing money away.
Cash handling is actually a lot more expensive than you think it is. Your employees are wasting hours every day on manual tasks, which increases your labour costs and reduces customer service and productivity. It’s also risky business. Cash handling makes you vulnerable to losses from theft, robbery, fraud, human error, and administrative mistakes.
If you’re careless with cash management and if you don’t take a proactive approach to increasing efficiency and productivity, increasing security, and reducing costs, your poor cash handling process will result in a low ROI.
What can you do to turn things around? Invest in cash management solutions. The solutions detailed below can drive long-term ROI.
1. Invest in Cash Counters and Sorters
Cash counters and sorters can save you valuable time and reduce your labour costs. These machines can sort and count various denominations of bills and coins at record speed—faster than any of your employees. When you invest in these solutions, you can eliminate the need for manually counting and sorting. This means you can have your employees come in later and leave earlier and you can even redeploy cash room attendants to more important roles. Or if you wish, you could have your employees handling more important work during the time that they used to spend on cash handling—like on clean up or customer service.
Cash counters and sorters are also 99.9% accurate, which means you’ll also eliminate the losses that come with human error. The machines won’t get distracted, miscount, or misreport your cash because they’re tired and in a rush. Increased accuracy will lead to cost savings. If you’re in a business that handles a lot of cash, like a gambling establishment, a retail store, a car wash, or a restaurant, then these machines are a must.
2. Invest in Currency Recyclers
Currency recyclers have revolutionized the way your company can handle cash. They’re all-in-one machines that automatically dispense floats, accept, count, sort, authenticate, reconcile, and store cash coming in while processing transactions. Then, they use this same cash for future transactions. Cash recycling will allow you to have less cash on hand so you can increase your cash flow.
In addition, currency recyclers increase accountability by tracking every nickel that comes through your registers, so you won’t be at risk of employee theft. Plus, they’re ultra-secure vaults with restricted access and silent alarms that can be hooked up to your alarm system, reducing your risk of robbery and allowing your employees to feel safer during the cash handling process.
3. Implement Cheque Scanners
Traditional paper cheques are dying out. As the world becomes more digital in nature, it’s no surprise that electronic cheques are becoming more popular. When you implement cheque scanners, you’ll not only benefit from the convenience of being able to deposit your funds from anywhere at any time, but you’ll also have access to your funds sooner because you won’t have cheques piling up while you find time to get to the bank. And once deposited, your funds won’t be on hold for as long, so you’ll be able to optimize your cash flow by having more money available when you need it.
4. Use Counterfeit Detectors
When your employees accept counterfeit money, you end up being stuck with the loss, so counterfeit detection is critical. And this is totally avoidable. You can save yourself from the loss by using counterfeit detectors. These handy devices will protect you from fraud by alerting you to suspicious bills. You’ll be able to reject them before they become your problem.
Cash management solutions can drive long-term ROI by reducing costs, eliminating avoidable losses, and optimizing cash flow.