5 Cash Management Tools That Will Dramatically Improve Your Business

    Jul 25 2019

    Topics: cash management tools

    In today’s fast-paced market, businesses have to be ready to evolve at a moment’s notice. Flexibility is the name of the game. This mentality encourages companies to become leaner and more agile.

    To accomplish this, many business leaders look to their processes. How can you raise efficiency and improve productivity?

    For banks, retailers, and other cash-focused organizations, improving cash management goes a long way. If you adopt even one of these cash management tools, you’ll probably see a dramatic difference in your day-to-day operations.

    1. A Cash Counter Is One of the Simplest Cash Management Tools

    Many business owners hesitate when it comes to adopting cash management tools. They’re leery about costs, or they’re not sure they need a high-tech solution for the amount of cash they handle.

    In these situations, a cash counter is a simple yet elegant solution. Cash counters can aid you in tallying cash more efficiently. If you have just one or two tills, you might not require assistance with much more than that.

    Better yet, the cash counter is a smart investment for a small business owner looking for help with managing cash. It may be the most cost-effective way to improve accuracy, raise productivity, and improve your cash management.

    2. A Cash Recycler Is an All-in-One Solution

    At the other end of the spectrum is the coin and banknote recycler. It provides a much more robust solution to cash management, and it works well in large retail operations, busy restaurants, and casinos.

    If your business operates multiple tills every day or handles large volumes of cash, a recycler might be a worthwhile investment. It could drastically reduce the amount of time your team spends preparing floats or wallets. It also helps cashiers count tills and make change.

    Although it does come with a higher price tag, the coin and banknote recycler’s versatility is well worth the money. With it, you can improve accuracy, streamline cash management, and reduce the amount of time your team spends on cash-related tasks.

    3. A Smart Safe Puts the Spotlight on Security

    If the coin and banknote recycler isn’t quite the right solution for your business, you might want to consider the smart safe as an alternative. This safe performs many of the same tasks as the recycler.

    The smart safe also does more than improve security. Yes, it provides a safe place to store cash in the business, but it also monitors and records cash holdings as well. With this data, you can streamline armored car pick-ups and bank deposits.

    These features could reduce the fees associated with managing your cash by cutting your banking costs. Making fewer deposits helps free up your staff’s time. As an added bonus, you’ll be able to optimize your cash flow and lower your store float, so you can maximize the funds you have available to the business.

    4. A Cash Sorter Goes One Step Further

    If the smart safe and the coin and banknote recycler seem like too much, but the cash counter isn’t quite enough, then a cash sorter might be just right for your business. Like the cash counter, it will help your team tally up cash quickly and accurately.

    The cash sorter offers you more, though, by sorting your coins and banknotes. With all your cash counted and neatly sorted, preparing bank deposits will be a breeze.

    5. The Right Partner Takes Care of Service

    No matter which cash management tools you choose, it’s essential to have the right provider on your side. Their expertise will help you choose the right solution for your business, as well as assist you in staying on top of maintenance and other tasks.

    If you’re ready to improve cash management for your business, talk 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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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3

    905.696.0733