5 Steps to Improving Your Corporate Cash Management

    Dec 17 2014

    Topics: Corporate Cash Management

    Corporations are complex entities. When it comes to profitability and productivity, there are many factors at play, especially when cash is involved. It can be difficult and overwhelming to manage your cash properly for optimal results. However, when you integrate sophisticated corporate cash management solutions into your business, you can streamline your cash operations for better money handling processes.

    Here are five easy steps to improving your corporate cash management.

    1. Invest in Cash Management Solutions For Your Cashiers

    Cash first reaches your business through your cashiers. So, it is only natural to want to make these transactions as fast and efficient as possible. You can do this by integrating cash solutions at every cash register.

    You have likely already automated your system, but you might want to consider upgrading your system or adding extra devices to help with the process. For example, counterfeit detectors can help your cashiers ensure that all the bills coming through your business are genuine, while speeding up the process of checking the bank notes for fraud.

    2. Integrate Cash Solutions into Your Office

    After your tellers have accepted the cash, it then goes out to your office at the end of the day to be counted, reconciled and stored. You can easily reduce your labour costs and increase counting accuracy by implementing a coin and note recycling solution to help you count and sort your money. Coin and note recycling technology rapidly count thousands of bills and coins per hour, so you don’t have to. All money is then stored in a secure cassette for pickup by an armoured carrier or it can be prepared for bank deposit by your designated employee.

    3. Streamline Your Policies and Procedures

    When it comes to cash management, all your employees should be involved. Proper cash management begins at the front line at the point of transaction, but it also trickles down to the counting room, and then to the bookkeeper or accounting department. Thus, everyone that deals with hard currency at your business should be aware of and trained on proper policies and procedures for cash handling. Come up with guidelines for exactly how you want your corporation’s money handled, and make sure it is followed by everyone who works for you. With proper policies in place, you can streamline your cash operations by making sure your cash is exactly where you want it to be, when you want it to be, without a penny missing.

    4. Trust an Expert

    You might not know exactly how to begin to change your cash management procedures. Your corporate cash management processes might be too complex to fix yourself. If so, trust an expert to do it for you. Cash management professionals can analyze your cash flow and find the weaknesses in your system. Then, they can effortlessly suggest cash solutions to implement in order to increase your productivity and profitability.

    5. Use Technology to Your Advantage

    In this age of technology, you can do practically everything online, and this includes cash management. When you take advantage of technology, you know you are saving time and increasing efficiencies at your business. Many online and mobile services allow you to report and control your cash from anywhere, at anytime.

    When you add valuable solutions into your corporate cash management, you can ensure that your money is being taken care of properly and efficiently. Cash solutions are the answer to your management needs, so take advantage of them now and see your profits grow through reduced labour costs, increased efficiency, and improved accuracy.

    How to Improve Your Business With An Automated Cash

    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