5 Cash Management Tools to Improve Business Efficiency (Updated 2020)

    Feb 28 2020

    Topics: Cash Management, Smart Safes, Cash Automation Solution, Canada

    When it comes to improving business efficiency, technology should be at the top of the list. Even “old-fashioned” tasks, such as cash management, have beneficial technological advancements. The right tools help you perform cash handling tasks faster and more accurately than ever before.

    Choosing the right cash management tool is almost as important as upgrading your cash handling technology. Discover how these five solutions can boost your business’ efficiency.

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

    The right tools could make a difference to your bottom line and your customers. Take a cash recycler. With this tool, your team members can quickly and efficiently serve customers. The machine helps them store cash securely and make proper change.

    Better yet, the recycler makes a huge difference in tasks like float preparation and till counting. Your cashiers won’t have to spend time totaling up the till after each shift because the cash recycler keeps a running tally of every transaction. Similarly, preparing floats can be simplified.

    The result? Your team has more time to deliver great service to your customers. Not only will your cash handling be more efficient, your sales may improve too.

    2. Improve Your Storage with a Smart Safe

    Another advantage of the cash recycler is its improved security features. It’s more difficult for cashiers to be dishonest when they’re working with this type of cash management tool.

    There are other tools focused on safety and security as well. Some are designed for use in your cash office or count room. There are also smaller options that fit under your cash register.

    Enter the smart safe. Like the currency recycler, it helps you track your cash. Access to the vault is limited to those with an assigned PIN code, which can be changed as required. 

    The smart safe includes many other features, although what’s available varies by location. One thing is for sure, though. The smart safe is a smart way to monitor your cash.

    3. Get a Handle on Change with Coin Counters

    If your business isn’t ready to upgrade to a currency recycler or a smart safe just yet, you may want to consider other cash handling tools. Some of them combine well with devices like smart safes to help you streamline your processes from end to end.

    The coin counter is a great example. Like the currency recycler, it helps you sort and count coins. For businesses like laundromats, where coin-based transactions are the norm, this device could be a true time-saver. Your team can reduce errors and spend less time counting change. They can return to the things that truly matter, like delivering outstanding customer service.

    4. Take a Banknote Sorter for a Test Drive

    Some businesses will handle more banknotes daily than pocket change. If that sounds like your business, then a banknote sorter may be perfect for you.

    This machine helps you sort your fives, your tens, and your fifties with speed and ease. Your cash managers won’t need to spend time sorting bills and re-checking their count.

    The banknote sorter can assist you in tracking your cash too. With everything neatly sorted before it heads into your smart safe, you can keep tabs on the store float, as well as your deposits. Making change for the registers is also a breeze.

    5. Stay One Step Ahead with Counterfeit Detectors

    Finally, you may want to consider ways to reduce the risks your business faces. Detecting counterfeit bills is an important step. It protects your business from loss and shrink, which in turn helps you keep your bottom line healthy.

    If you’re wondering which cash management tool is ideal for you, get in touch with an expert team. The right tools can help you keep your business running smoothly.

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    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