It’s no secret that small businesses face plenty of challenges, no matter what industry they’re in. Whether you’re a small retailer trying to eke out a niche against giants like Amazon or Wal-Mart or you’re a local diner with a dedicated foodie clientele, you’re dealing with challenges that include cash flow, marketing, and even hiring great people.
In many industries, cash handling is another of those challenges facing small businesses. Luckily, cash management solutions such as smart safes are available.
Just what can a smart safe do for your business? There are plenty of benefits, starting with these six.
1. Better Visibility
It can be difficult to keep track of cash, especially as it flows in and out of your business during operating hours. If you only take stock of cash after hours or before opening, you’re probably not getting the big picture of your cash situation.
Smart safes could solve this problem by offering you increased visibility. Smart safes tell you how much cash is on hand and ready to be deposited. This information gives you a better idea of your working capital. In turn, you may be able to reduce your store float.
2. Lower Cash-Handling Costs
Smart safes take some of the guesswork out of handling cash and preparing deposits for your business. Some safes sort cash, and most can report on how much of that is ready for deposit. In turn, your team may spend less time sorting bills and counting up deposits.
The device also keeps track of what cash is deposited in its hold and what’s taken out. That means your team doesn’t need to spend time creating manual logs or trackers. If you still use manual tracking sheets, it’s easier to spot discrepancies with a smart safe.
3. Streamlined Deposits
As mentioned, a smart safe knows how much cash you have on hand and how much is ready for deposit. It keeps track of the money coming in and out of the safe.
It can also tell you when you must make a deposit, and it streamlines when those deposits happen. That means you spend less time guessing when you must run to the bank or call your CIT provider for a pick-up. With a smart safe, you can be sure you aren’t making a deposit too soon or too late.
4. Better Security
Smart safes help increase security in a small business. Since the machine keeps records of who has accessed it, as well as the money coming in and out, it’s easier to spot discrepancies and errors.
Since the safe also allows you to reduce your store float and pick optimal deposit times, you’ll never have too much cash on hand, which reduces security risks.
5. Higher Productivity
Your team might also notice they have more time, since the smart safe helps them streamline their cash-handling duties. Instead of running to the bank several times a day, you may only need to make one deposit. How much time would that save you?
With this “extra” time away from cash handling, you and your team will likely notice you can get more done than ever before.
6. Reduce Overheads
As mentioned, a smart safe assists small business owners in streamlining their deposits and CIT pickups. Since those activities usually have fees associated with them, you may be able to save some money by using a smart safe.
In addition to that, you might also find you are saving time and money on cash-handling tasks, including reports and preparing deposits. This can lower your overhead costs too.
As you can see, there are many reasons a smart safe makes sense for a small business like yours. Get in touch and discover the advantages for yourself.