The Five Benefits of Cash Management Software
No industry stays the same, and that’s certainly true of Cash Management. Next-generation cash management hardware has burst onto the market, bringing with it a range of new benefits, efficiencies and capabilities – for simplicities sake, dumb safes have been replaced by smart safes and smart recyclers, and it’s software that accounts for this “smartness”. Any retailer investing in Cash Management needs to understand how this next-generation, cloud-based software works, because the software brings with it a host of additional benefits. Below we’ve set out the five most important.
Connectivity and Transparency
Standalone hardware in each location is a thing of the past. Now Cash Management Software connects each unit of hardware, regardless of the number of locations, and it also connects each unit to head office. That means a retailer can see its cash position, any time, from anywhere, per store, per group of stores, or aggregated as a whole. Dashboards let you view and research any transaction, from how many deposits were made and when, to the precise time cash was withdrawn for transport to the bank.
In essence, every banknote (and coin for that matter) has a complete audit trail. No more counting errors and no more discrepancies.
Provisional (Daily) Credit
Cash Management Software also enables provisional (or daily) credit. The bank knows that any cash deposited into a certified piece of hardware, controlled by software, is secured and traceable. The bank connects its platform to the software and then provides credit to the retailer for any cash in that hardware. This ends so-called dead money – cash in a safe that’s not yet deposited with the bank. Retailers can now spend the cash they earn almost immediately - no more waiting for deposits to clear.
Provisional credit also means you can reduce how often you need to pay for cash pickups or how often employees must make a cash deposit run. You can already spend the cash, so you don’t need to rush to get the money deposited.
Cash Management Software centralizes operations, which means head office can control user permissions, passwords, configurations, rollouts, expansions, and updates. Store managers are relieved from the burden of onboarding new employees – or deleting access accounts when employees leave. All this can be handled online, through the software, by head office. Recent events have also illustrated, with painful clarity, the need for organizations to be able to work remotely. Again, the software surfaces all the information needed to manage your cash, from any location in the world.
We all love data – and for the first time, retailers have access to data related to their cash management. Optimize pickup times - another way to cut down on costly charges. Be notified of late or missed pickups. Evaluate the performance of your service providers based on objective information. It’s all in the software, in easy-to-view reports or dashboards.
Reconcile with the POS
Is there a more tedious task in retail? The software makes this easy. Cash positions are accessible at a click of a button, and reconciliation with your POS becomes a matter of minutes. For larger-scale operations, it is possible to integrate your POS with your Cash Management Software - reconciliation becomes automated.
Cash Management is more than just hardware. That hardware is controlled by software – and before upgrading an existing system, or investing for the first time, it is important to understand the benefits the software brings. There are a number of choices, as you can imagine, so a clear understanding of the strengths and weaknesses of the different software systems will ensure you pick the one best suited to your needs.