With competition fiercer than ever, your quick serve restaurant needs to do all it can to boost overall productivity and efficiency as well as reduce costs to increase profitability. And considering customers prefer to pay for small items with cash, improving your cash management process can help you achieve these goals.
Many quick serve restaurants are now turning to smart safes to streamline their cash management.
Smart safes are safes that automatically accept cash, validate it, record it, and store it in a secure environment.
1. Protection from Fraud
When your lines are long and your employees are busy, rushing through orders in order to put the “quick” in quick serve restaurant, counterfeit detection could be the last thing on their minds. They could neglect to check bank notes or only take a fast glance, and as such, you could end up taking on losses due to counterfeit fraud.
Smart safes are equipped with counterfeit detection technology, like ultraviolet, magnetic, imaging, and infrared to validate authenticity and detect counterfeit notes automatically. All notes will be verified, so you can protect your business against counterfeit.
Smart safes can drastically improve your cash tracking and accountability. When you manually process transactions, share registers, and don’t implement cash management procedures, anything can happen—like mistakes, internal theft, and misplaced money. And you’ll have no idea what went wrong and who was in charge when it occurred. Smart safes, though, require a login by a specific cashier or manager, which boosts accountability and allows for easy reconciliation and audits.
3. Quick Reporting
If something is amiss or you simply want to review all transactions on any given day, the process can be quite time consuming to do manually. With a smart safe, every transaction is tracked and recorded, and you can easily generate reports through a file or printer. And because it can generate a multitude of different reports, your managers, loss prevention team, or other departments can all utilize the smart safe for their specific reporting needs.
Because smart safes are high-tech devices, they give you the ability to connect to a cloud-based system or local network. You’ll be able to view reports from the smart safe at your head office or even from your home.
5. Time Savings
One of the most important benefits that will offer you a great ROI when you invest in a smart safe is the reduction in the amount of time spend on handling cash at your quick serve restaurant. Instead of counting and handling cash five to six times before it goes to the bank, money that is added to a smart safe will be automatically counted. Employees simply ring in the sale and the customer inserts coin and notes into the safe where the change is automatically dispensed back to the customer. While the transaction transpires your employ is free to prepare the customer’s order thus reducing the number of employees required. The armoured car simply picks up the contents of the collection cassette and takes it to your bank for deposit.
6. Increase Accuracy
When you take humans out of the cash handling equation, accuracy improves. A complete closed loop, customer facing, coin and note recycling solution means that your employees need not touch the cash. Your smart safe won’t get distracted, won’t be exhausted, and won’t make mistakes. You’ll be able to ensure that your counts and reports are totally accurate, down to the nickel. This can reduce your shrink rate.
7. Reducing the Risk of Robbery
Smart safes also make your quick serve restaurant safer. With all bills being deposited into the ultra-secure safe instead of being exposed in tills, you’ll reduce the amount of exposure to robbery. This extra security can provide added safety for both your restaurant’s employees and your customers as well as those managers who no longer have to head to the bank with the inherent exposure of robbery.