In a busy retail setting, cash handling can be tricky and being a good cashier can be difficult! To ensure that your company doesn’t lose money due to costly errors, cash must be handled with care. If you find your business is experiencing losses as a result of poor cash management, you might want to reconsider your cash handling policies and procedures. Taking the time to analyze your cash management process is well worth your time so that you can find areas that need improvement.
Here we have outlined five incredibly common mistakes that cashiers make every day; read on to learn more so that you can avoid making these mistakes in your business.
1. Keeping Too Much Cash on Hand
If your business accepts large volumes of cash on any given day, it can be difficult to keep your cash organized. Having large amounts of cash in your registers can attract potential thieves or become messy and unorganized, making it easier for cash to go missing. Taking excess cash out of your cash registers throughout the day will allow your staff to handle cash transactions confidently and will reduce the chance of retail shrink due to misplaced cash. Installing a smart safe underneath your cash register can allow your staff to be able to easily manage the amount of coins and bills on hand.
2. Transactional Errors
The point-of-sale terminal can be a hectic place; throughout any retail day your staff will process many cash transactions as they accept cash and make change for customers. Keeping transactions straight can be a challenge particularly when the store is busy and there are long lines of customers. The common mistakes cashiers make during rush periods can be reduced by training your staff to focus on using proper cash handling procedures. If you value having an extremely efficient check-out process, perhaps consider automating the point-of-sale process.
3. Manually Counting Cash
Some of the most common mistakes cashiers make come from manual cash handling. Sometimes the cash register just isn’t balancing and the mistake can’t be located! Manual cash handling can be inaccurate and inefficient and often drives up labour costs as the process can take varying amounts of time. If your employees have to double or triple check their counting when balancing the cash registers, you’ll never know how long it will take. Investing in automated cash management technology like currency counters will guarantee that you have an efficient and error-free cash counting process.
4. Checking for Counterfeit by Hand
Counterfeit technology has advanced along with the advancements in security features on bills. As a result, manually checking for counterfeit currency can be risky as many of the security features on authentic bills can be duplicated. When you manually check for counterfeit at your retail store, your employees have only their own opinion to go by. Making use of a counterfeit detector allows your staff to accurately identify and confidently reject counterfeit bills, saving your business from experiencing counterfeit fraud.
5. Switching Cash Registers
On a busy day cashiers may switch from cash register to cash register in order to maintain efficiency at the point-of-sale terminals. While this can be good for keeping customers moving through the store, swapping cash registers can become a big problem as it reduces the accountability of your staff towards maintaining proper cash handling procedures. Switching registers can easily cause mistakes to be made that won’t be noticed until your cashiers go to balance the till at the end of the day. Appointing staff to a specific cash register can prevent these mistakes from happening by increasing employee accountability.