Your cash is being handled by multiple employees in many different areas of your business. Accountability might be low, you might not have clear visibility, and your shrink rate might be high as a result. The entire process is likely slow, inefficient, and risky. Though cash management is no doubt challenging, especially when you handle large volumes of money, you do have options for improvement.
How do you get your company out of this serious predicament? Invest in cash recycling.
What Is Cash Recycling?
Cash recyclers are relatively new, but they’re transforming the way businesses manage currency. These automated high-tech machines do it all, from dispensing floats, processing transactions, and authenticating bills, to counting, sorting and balancing your cash.
Your cashiers begin their shifts by dispensing their till from the recycler. At any point during the day the cashiers can return to the machine for change, to make a deposit or receive an increase. Once their shifts are over they drop the till, including cash sales, into the recycler. If needed, they can withdraw due-backs from it. All of the bank notes and coins are recycled, so as one cashier deposits money, the next one can dispense it. The money then stays safely stored in the recycler until the cassette of cash needs to be deposited to the bank.
The benefits of using a cash recycler are numerous.
1. Easy Reconciliation
Auditing drops, over/short management, cash journaling—all of these tasks are required in order to effectively monitor transactions. But they take time. With a cash recycling system, all of these activities are automatically executed and reported, making reconciliation easier than ever and improving overall efficiency.
2. Reducing Armoured Car Fees
If your company pays armoured car providers to pick up and verify cashier drops multiple times throughout the week, your fees could more than exceed $1,000 a month. A cash recycler can significantly reduce the number of pickups required as well as the number of count and note deliveries needed.
3. Reducing Cashier Time
By leveraging a cash recycling system, many of the tasks that had to be previously relegated to the cashier role can now be managed by the machine. This can reduce your cashier time, allowing you to move full-time employees to part time, redeploy cash room attendants and shorten shifts. No one will need to prepare or check tills out to cashiers, conduct till sweeps, check tills back at the end of the shift, reconciling till balances, count and recount money, investigate discrepancies, or prepare deposits. It will all be done automatically, reducing your labour costs.
4. Reducing Vault Holdings
With the traditional cash management model that you currently use, the more transactions you conduct every day, the more money you need to keep on hand. But keeping high vault holdings reduces your all-important cash flow, increases your risks of theft and misplaced cash, while not allowing your cash to earn the store any money.
With a cash recycling system, money is deposited and then re-used, which greatly reduces the amount of float needed.
5. Ensuring Accuracy
Cash recycling systems use sophisticated software that is 99.995% accurate. When you quit handling cash manually and automate your processes you can eliminate mistakes caused by human error while processing transactions at the front and while counting, sorting, and reconciling cash in the cash room.
With advances in technology and process improvements, you can now manage cash with complete accountability and accuracy. By using cash recycling, you can improve controls, reduce management resources, and leverage your cash to your advantage so you can focus on growing your business.