Cash handling may be at the bottom of your to-do list, but it’s crucial for any business that regularly deals with cash to keep a close eye on their policies and procedures. Good cash handling has positive effects on your bottom line, business security, your employees’ accountability, and even their productivity and time management.
How do you know you’re handling cash the right way? Consider this list of seven best practices for your business. By implementing them, you can take advantage of everything good cash handling can offer you.
1. Establish a Regular Routine
Routine is key with cash handling. Every employee should know the process inside and out. Perhaps your tills are balanced at the start of every shift and deposits are made at the end. Either way, make it a habit. If people are allowed to handle things their own way, it becomes much more difficult to keep track of your cash.
It’s also helpful to introduce shift managers that oversee the movement of cash. This ensures there’s always a party responsible for watching cash, whether it’s moving from the safe or from the till.
2. Hold Staff Accountable
Holding staff accountable for cash handling mistakes helps you understand what areas of the cash handling process are weak. It also helps you keep an eye on some of the risks in your business.
In addition to helping you pinpoint areas of weakness, it also allows you to identify employees who aren’t following established protocol. You can then follow up with them and make sure everyone is on the same page when it comes to handling cash.
3. Have Enough Hands on Deck
Not having enough employees on hand can lead to shortcuts and errors. Staff members quickly become overwhelmed, which might lead to them making more errors.
When you have enough team members covering a shift, everyone should have time to handle their designated tasks. In turn, your cash supervisors or shift managers can focus their attention to cash handling and following proper procedures.
4. Limit the Amount of Cash Onsite
The more cash you have onsite, the more temptation there may be for people to act dishonestly, including your own employees. Disorganization poses as much of a risk, and when your safe is overflowing, it can be difficult to keep track of every penny. Limit the amount of cash on hand and consider investing in a cash recycler to keep cash within set limits.
5. Test for Counterfeits
Security measures on new bills only go so far, and counterfeiters are often only a step or two behind. It’s best to be vigilant when it comes to checking cash, especially since some of the most common and popular bills are also the most commonly counterfeited.
To reduce the risk, introduce detection technology and train all cashiers on how the machines work. With the right technology and know-how, your team can become your first line of defense.
6. Let Technology Help
Counterfeit detection isn’t the only task today’s technology could help you with. In fact, there’s a whole range of devices that can assist you in automating different parts of your cash management. From smart safes to cash recyclers, this technology boosts accuracy, speed, and security.
Cash management solutions help your staff handle cash with confidence and ease, making all processes more efficient. The reduced labour costs improve your bottom line long-term while also reducing the risks your business faces.
7. Invest in Regular Training Sessions
As you introduce new routines and technology, it’s imperative that your employees be properly trained. After all, technology is only helpful so long as your team members know how to use it the right way.
Introduce regular training sessions so staff remains up to date on new technology and standards for your business. You’ll see the benefits before you know it.
