In the competitive world of the Canadian marketplace, your business needs to be efficient to succeed. Having excellent products or services, a solid marketing plan, and great employees are all important, but if your cash management processes are a mess, you’re doing your company a disservice. An automated cash management solution could be the answer if you’re looking to streamline your business’s cash management operations.
There are many automated solutions on the market that can help. You will be able to find one that works for your unique business needs and your budget so you can achieve the greatest return on investment.
If you deal in cash, check out these five reasons why your company should invest in an automated cash management solution.
It takes a lot of time to count, sort, and double check cash, especially when you have a lot of it. And you’re paying your employees in labour costs when you have them do so manually. In fact, you could be paying for several extra hours of work per day. When you use an automated cash management solution, you can let technology handle the counting and sorting for you, so you can reduce your labour costs.
Shrinkage isn’t pleasant but it’s a fact of doing business. Sometimes, cash will go missing. Sometimes, your seemingly honest and trusted employees will be the culprits. When you have bad cash management processes with no accountability or security, you give your dishonest workers opportunities to steal from you. But when you automate your cash management, by using currency counters and sorters, you eliminate these opportunities for internal theft. The machines do all the work and your employees have minimal contact with your cash.
Shrinkage isn’t the only threat you have to be worried about. Given the opportunity, some of your customers will steal from you or defraud you, too. Having loads of cash in tills at the register is just asking for theft. To keep your money safe, you can invest in cash management solutions like currency recyclers that not only dispense and receive money but also act like a vault. Solutions have several levels of security and only those with a user ID and password can access the machine.
Reduce Counterfeit Fraud
Counterfeit fraud is prevalent. No matter what industry you’re in, if you work with cash, you run the risk of being defrauded. This risk is much higher if you don’t have an automated cash management solution in place to check every bill coming through your business. When you invest in counterfeit detectors for every point of transaction, you can ensure that all of the bills you accept are authentic so you don’t have to accept the loss.
Improve Customer Service
Your customers are the lifeblood of your business. You want them to be happy and satisfied with your service. An automated cash management solution can help you ensure your customers come back time and time again. The less time your employees have to spend on manually handling cash—transporting it, counting it, sorting it and checking it for counterfeit fraud—the more time they can spend with your customers. Your staff will have more time to effectively meet your customers’ needs, answer their queries, provide solutions to their problems, and build relationships that will turn them into loyal, returning customers that you can count on for revenue.