Any business that deals in cash should have a sound cash management solution in place. This is especially true for fast food restaurants. Those in the fast food industry handle large volumes of banknotes and coins on a daily basis. With prices for food and drinks being so low, many people choose to pay with cash rather than debit or credit.
Unfortunately, this puts fast food restaurant owners at risk of cash handling mistakes, internal losses, higher labor costs, and more. The more cash you handle, the more likely it is that you could lose some of that hard-earned money. To keep more of your profits in your pocket, you should have a cash management solution in place. Here are just five reasons why.
1. Improve Customer Service
As the name implies, the fast food industry goes at a fast pace. When your employees are handling money manually, they’re slowing down customer service. Every time your employees have to go to the back room to drop off or pick up more cash or take an especially long time calculating how much change to give back, they’re neglecting customers who are waiting to have their orders taken.
A cash management solution can help. For example, investing in banknote and coin recyclers that accept and dispense cash and coin means your employees always have enough money on hand to give customers change. Furthermore, the latest coin and note recycling till technology serves as your cash drawer and eliminates the need for employees to ever touch cash. This can speed up lines and reduce losses.
Your employees could be handling many more productive tasks if they weren’t spending all their time counting their floats before their shifts and counting and sorting them after their shifts. Let currency counters and sorters do this work—quickly—so your employees have more time to clean up the restaurant, restock products, or focus on your customers’ needs. Improving customer service is good for your restaurant.
2. Increase Accuracy
This fast pace also means that your employees are rushing to take as many orders as possible as quickly as possible. When they’re going so quickly, they might make human errors while counting cash and providing change.
With an automated cash management system like a currency recycler, you can prevent human errors from occurring because the device does the calculating instead. Accuracy will also increase in the back room at the end of the night when floats are being counted and sorted if you use cash and coin counters and recyclers instead of relying on employees to get the numbers right.
3. Eliminate Internal Losses
A fast food restaurant will be at a high risk of internal losses. With so much cash going through the tills, it's easy to misplace money. When you invest in a cash management solution, your employees spend little or no time handling your money, which can prevent losses.
Smart safes and currency recyclers also include user tracking capabilities, which provide you with audit trails and reconciliations based on user profiles. This allows you to see exactly who has been using the devices, when, and for which purposes, which can help track down and eliminate losses.
4. Reduce Labor Costs
When you invest in cash management solutions, you speed up cash handling and cash management. The devices do the heavy lifting, including cash sorting, counting, and reconciliation. This allows you to save money on labor costs by having employees come in later and leave earlier due to increased efficiencies from the machines doing the cash handling.
5. Make More Informed Decisions
Cash management solutions can allow established fast food restaurants and startups alike to succeed by providing insights that enable more informed decision making.
You’ll gain real-time visibility into your cash at every touchpoint, from the register to deposits. This allows you to track and manage your cash more efficiently, as well as forecast your cash needs and see trends in data.
Solutions for Every Business
Your fast food restaurant could strengthen customer service, increase accuracy, save on labor costs, and more if you invest in a cash management solution. There are solutions on the market for every kind of business addressing different needs and budgets. You can find one that is well-suited to your restaurant environment.
