It’s almost the new year, and a cashless society has yet to arrive. Although some countries are moving toward this reality, progress has been much slower than many people anticipated. Cash is here to stay, at least for a while yet.
With that in mind, it’s a great time to undertake a cash handling assessment. It can help you discover the shortcomings of your current cash handling processes and shed light on the ways you could improve. Here are a few great reasons to consider assessing how you handle cash.
1. A Cash Handling Assessment Streamlines Your Processes
The first thing you do in a cash handling assessment is look at how you currently handle cash in your business. Are you still counting banknotes and sorting coins by hand? If so, there are many ways you could improve your processes.
If you’re already using some cash automation devices, it may be time to consider upgrading. You might also look at how your employees use these devices. Do they need more training to operate the devices more effectively?
With the right handling procedures in place, your process will be streamlined. You can avoid time-intensive tasks, as well as mistakes and redundancies.
2. Better Cash Handling Can Save Time
A cash handling assessment pinpoints where you’re losing time and money. If your team is still counting by hand, then they’re dedicating a good deal of time to a task that can easily be automated.
Even with some cash automation devices, team members may still be spending time double-checking records and reconciling the books. Manual processes at these stages might mean more mistakes. In turn, your team has to devote more time sorting out discrepancies and correcting the books.
The cash handling assessment shows you how to reduce these manual tasks and speed up your processes. The right procedure also limits opportunities for mistakes, which improves both accuracy and efficiency.
3. Reduce Overheads with Better Cash Handling
An assessment will show how handling cash is costing you money – possibly much more money than you realize. The largest part of those costs are usually associated with your labor costs.
A better cash handling process can lower those expenses. You may not have to schedule as many hours for cash handling; you could reduce the number of shifts or the number of people per shift.
You might also be able to reduce other fees, such as CIT fees or deposit costs. A more streamlined procedure for preparing deposits and scheduling pick-ups could lower the costs of cash for your business.
4. Improve Employee Productivity
An assessment of your cash handling could also help you improve employee productivity. This can happen in two ways.
First, your employees will be able to move through your streamlined new cash handling process with ease. With a better process, they should find it faster to tackle their cash-related tasks. In turn, your cash will be better managed in a shorter amount of time.
Second, they’ll be able to take the time they save and apply it to other tasks for the business. This could be giving customers better service, or even just making sure new products hit the shelves in a timely way.
5. Discover New Cash Handling Solutions
Perhaps most important of all, an assessment of your cash handling practices could help you discover the solutions you need. As the assessment sheds light on where you could improve, you can look to technology to help you make those improvements.
If you’re ready to take a look at how you can improve cash handling in your business, it’s time to conduct an assessment.