In a bar or restaurant, cash transactions can add up quickly. If you’re not handling your cash effectively, you could be running up the cost of cash without knowing it. For example, how many hours are spent on counting cash or addressing errors? That time adds up quickly.
Reducing the number of cash transactions you handle probably isn’t an option, so your best bet for lowering the costs associated with cash is to improve your cash management. These five methods can help.
1. Teach Staff Cash Management Procedures
The first thing you should do is make sure each member of your team is trained properly. If you have written cash management policies and procedures, be sure each staff member has a copy of them. Ask them to study the policies, then give them a quiz.
Without training, your employees can’t handle cash effectively. When you’re training them, you should also make an effort to help employees understand why proper management of cash is so important.
2. Make an Incentive for Accuracy
When the queue is long and there are hungry customers waiting, your staff may feel a bit harried. They might rush through their transactions, forgetting to count change or blindly accepting bank notes without checking them. Accuracy can go out the window during these busy periods.
To avoid this situation, encourage your employees to prioritize accuracy in every transaction. You could give a small bonus for having a balanced till or offer a monthly prize for the employee whose till is balanced most often.
Don’t forget to encourage accuracy in the cash office as well. Cash attendants and managers should be just as vigilant when they’re handling cash.
3. Adopt the Right Cash Management Technology
When it comes to improving management of cash in a restaurant or bar, technology is often your biggest help. A cash counter in the cash office could speed up the count process while improving accuracy and reducing errors. With this device installed, your team may not need to spend nearly as much time counting up tills and reconciling the books.
A coin and banknote recycler is another good option for those operating a bar or restaurant. This device can store cash securely. It also tallies up the amounts added to it, and then allows you to withdraw from the machine. This puts the cash you collect from your transactions back into your working capital.
A recycler can help you reduce the amount of cash you need to keep on hand for change. It also makes it easier to prepare floats or divvy up tips at the end of the day.
4. Store Cash Securely
Another key to improving your cash management is to make sure it’s stored securely. As already mentioned, a coin and banknote recycler can help. A smart safe is another good option.
Both of these devices keep track of the cash coming into them, as well as anything that’s removed. It’s easier than ever to keep track of the cash in your establishment. These devices can also streamline your pick-ups, free up working capital, and allow you to reduce your operating float.
5. Update Policies and Procedures
Whenever you make a change to how you handle cash, you’ll want to make sure your policies and procedures reflect that change. If you adopt a coin and banknote recycler, for example, you’ll want to rewrite your procedures so your team knows how to handle cash with the new machine.
Improving Cash Management Is Possible
The high costs of cash handling can be worrying for business owners, especially in the restaurant industry. The right technology could help you improve cash management for your bar or restaurant. Talk to the experts and get started today.