Business efficiency enables you to make the best use of your resources. By maximizing the outputs from your inputs and resources, you can ultimately minimize costs and increase your chances of success. Boosting business efficiency can also translate into higher productivity and increase your company’s competitiveness in the market.
One area of your business you might not immediately think of when it comes to increasing business efficiency is your cash management process. However, your cost of cash may be higher than you think, and inefficient cash handling processes inevitably increase your costs.
By increasing cash management efficiency, you can also increase business efficiency and gain all the benefits of doing so. Cash management software can help you do just that.
What Is Cash Management Software?
Smart safes put a technological spin on the traditional safe. They’re highly advanced safes that use technology to automatically accept cash, validate it, record the transaction, and store cash in a secure environment.
Cash management software is the technology that makes the smart safe, well, smart. SUZOHAPP CashComplete™ Connect is an example of this technology.
Cash management software maximizes your company’s operational efficiency by tracking, managing, and predicting your cash. Its capabilities include real-time cash analytics, reporting, insights, and more.
1. Increase Efficiency with Cash Analytics and Forecasting
Cash analytics include the information surrounding the movement of your cash. This data enables you to effectively manage your transactions, deposits, and vault holdings. You’ll be able to increase efficiency by better managing your day-to-day operations, such as your cash balances, reconciliation, and deposit reporting.
Cash forecasting can also improve your business by giving you insights into trends to forecast your cash needs and replenishment requirements. With this data, you’ll be able to see exactly what cash you have and need on hand on a daily basis to run transactions efficiently.
2. View Cash Status and Utilization
Understanding your cash position and being able to identify your most in-demand notes and coins can ensure you always have the right cash denominations on hand to manage transactions and help improve customer service.
Your employees won’t have to run to the back room or the bank when they run out of five dollar bills or need to make change when you can view cash status and utilization and anticipate these needs ahead of time.
3. Manage Devices Remotely
If your smart safe is not functioning optimally, you and your service provider should know about it right away and be able to troubleshoot the issue. Keeping your cash management devices up and running efficiently is critical to successful cash management.
Remote device management is a feature of cash management software that enables you to view the health of all your devices and those certified and trained can troubleshoot technical problems remotely so you can get back online faster.
4. Benefit from Proper Reporting and Analysis
Reconciling cash management operations can be time-consuming and complicated. Cashier deposits and cash pickups, for example, typically require human intervention. Cash management software can streamline processes and help you save time by enabling the automatic tracking and consolidation of cash information.
5. Manage Deposits Easily
While a standard smart safe will count cash and provides receipts of daily sales to help you manage deposits, cash management software like CashTech IQ enables you to do so remotely over multiple safes in multiple locations, so you can easily manage high-volume transactions.
Additionally, by enabling provisional credit (U.S. based product), cash management software can prepare the deposit information and allow you to automatically make electronic deposits. This can reduce labor costs and increase efficiency by eliminating the wasted time associated with trips to the bank. Provisional credit, which is available for certain U.S. banking institutions, applies credit to your account before your cash even arrives at the bank, boosting cash flow and working capital.
