Many CFOs are now jumping on board with cash management solutions as a way to solve many of their cash-related problems. Investing in a configurable solution to automate your cash handling processes can allow you to receive a great return on your investment. CFOs who invest in cash management solutions, like cash counters and sorters, cheque scanners, counterfeit detectors, and currency recyclers, enjoy the following seven advantages.
1. Reduce/Eliminate Internal Cash Shrinkage
Internal cash shrinkage is just a harsh truth of doing business. Dishonest employees can and will steal from you given the opportunity. In fact, these thieves are responsible for billions in losses every single year—more than shoplifters. You must take a stand against internal cash shrinkage in order to eliminate these avoidable losses.
Automating your cash handling can keep your employees’ hands off your money—the machines will do the majority of the cash handling—plus, automation also drastically increases accountability for those times where employees do have to manage your cash. Reducing opportunities for internal cash shrinkage can improve your bottom line.
2. Decrease Labour Costs
Labour is likely your biggest expense. And the largest portion of your ROI from automating cash handling will come from a reduction in labour. The machines can count, sort, and report cash at record speed.
When your employees don’t have to count floats, sort money, or reconcile your totals because the machines are handling these activities, you can have later start times and earlier end times, have fewer cashiers and managers on staff, and redeploy cash room employees. Even the smallest reduction in labour can lead to huge savings for your company.
3. Optimize Cash Flow
Cash flow is likely your largest worry. Automating cash handling can reduce your vault holdings by at least 10 percent. A currency recycler, for example, will recycle cash from previous transactions for future customers, so you won’t need as much money in your vault just in case you run low. Automation can allow you to have access to your funds sooner. For example, a cheque scanner can allow you to deposit your cheques, anywhere, anytime, so you don’t have cheques piling up while you find time to head to your financial institution for depositing. Automation, due to increased speed and accuracy, can also reduce your losses and costs so you have more money to spend elsewhere.
4. Improve Security
Retailers must be compliant with Bill C-45 and Bill C-168. It’s your responsibility as an employer to keep your employees and customers safe as violence only continues to increase. Having the right cash management solutions in place can help you protect the people in your establishment. For example, a currency recycler can double as a vault, with hot key silent alarm triggers that can be hooked up to your alarm system.
5. Reduce Armoured Car Fees
When your money is properly managed, recycled, and safely stored in your establishment, you can reduce the frequency of armoured car pickups.
6. Increase Accuracy and Efficiencies
Human error is inevitable when you manually handle cash. And productivity is sure to be reduced, too. When your employees can spend less time counting cash, they can spend more time with the customers and on the work that actually matters. And since cash management solutions are 99.9% accurate, you can say goodbye to human error for good.
7. Detect Counterfeit
Counterfeit is still a serious issue facing business owners that accept cash. And counterfeit detection is important. With counterfeiters becoming more sophisticated, it can be difficult to detect fraud through sight and touch alone. You need technology on your side to ensure that you don’t incur any avoidable losses. All cash management solutions have updated counterfeit note detection—they’ll alert you to fraud and reject counterfeit bills.
