5 Ways a Restaurant Cash Management System Can Help Startups Succeed

    Feb 10 2020

    Topics: Canada, Cash Handling Solutions

    The restaurant industry has a reputation as being one of the hardest games in town, and for good reason. A high percentage of restaurant startups fail. High overheads, waste, competition, and slim margins all contribute to the challenges a restauranteur faces.

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    Another challenge is that of cash management. Poor cash flow affects businesses across industries, and restaurants are no exception. For that reason, it makes sense for restauranteurs to look at a cash management system.

    How can a restaurant cash management system help your startup succeed? Just count the ways.

    1. Keep an Eye on Your Cash

    The most obvious advantage of a restaurant cash management system is improved cash visibility. It’s hard to succeed if you don’t know where your money is.

    A cash management system assesses every point at which your team handles cash, from the register to the time you deposit. A cash counter and sorter assists you in counting cash more efficiently, while a coin and banknote recycler help you to prepare floats, make change, and even store your cash securely.

    The right management system provides better visibility. You can use that to keep track of your cash, wherever it’s headed.

    2. Manage Overhead More Effectively

    How much time does your team spend preparing floats or counting tills? If you answered, “Not much,” you might want to crunch the numbers again.

    Depending on how many tills you have, your team could be spending hours each week readying floats and tallying up registers. Then they must reconcile the books, prepare deposits, and much more.

    All those hours add up, and they can squeeze your bottom line. With the right cash management system, you can easily shorten your team’s checklist. With a shorter to-do list and help managing those time-intensive tasks, you’ll find productivity improves and your overhead decreases.

    3. Identify Patterns in Data

    Another key advantage of a cash management system in restaurants is more data. This information makes it easier to track your cash, but it can do much more than that.

    The right cash management system could help you identify when your team handles the most cash. Suppose your restaurant is busiest on Friday and Saturday nights. It might make sense to schedule more team members those evenings or arrange a pick-up with your CIT provider both Friday night and Saturday night.

    By contrast, you may not do nearly as much business on Tuesday or Wednesday. While you want to make sure you’re not keeping too much cash on hand, it may be sensible to schedule fewer pick-ups during this part of the week.

    4. Improving Customer Service

    Your restaurant needs to focus on winning customers over. Chances are competition is tough, no matter what kind of cuisine you serve. Even if you’re bringing something new to your area, you face an uphill challenge in convincing people to dine with you.

    Once you have those people in the restaurant, it’s time to wow them. Better customer service is part and parcel of this. Diners could go almost anywhere and get a good meal. They can’t get exceptional service everywhere.

    By creating better customer service, you improve the dining experience. People are more likely to become repeat customers, because they can’t easily find that experience anywhere else.

    So how does a cash management system help you improve customer service? Simple. It frees up your team members, so they can spend less time counting cash or topping up change in the till. In turn, they can focus on the customer and delivering better service.

    5. Improve Your Cash Flow

    Finally, the right cash management system will help you improve cash flow and your bottom line. With lower overheads, improved productivity, and higher security, you can be sure your restaurant will be on the path to success.

    Ready to get started? It’s time to consult with the experts and discover the cash management system that’s right for you.

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    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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