The hospitality industry is a broad field that includes hotels and resorts, bars and restaurants, cruise lines and other travel and tourism businesses. Though the industry is quite varied and your hospitality business might be unlike any others around, you will have one thing in common with all the other hospitality companies in the field: you accept cash. And that means counting money and sorting money is a time-consuming and critical part of your business.
Here are just seven ways that counting and sorting money can make or break your hospitality business.
Customer Service Level
The backbone of any hospitality business is customer service. If you want to succeed in the industry, you must provide a high level of service in order to get positive reviews and gain loyal customers. If you’re not counting money efficiently at your points of transactions, your customer service can dip below acceptable levels—no one wants to wait in line for an excessive amount of time while you waste time handling cash.
To ensure your hospitality business is profitable, you must lower your operational costs as much as you can. Automating your cash management system can allow you to do just that. Machines can do the work far more efficiently than any of your employees, so it’s time to make the switch and invest in technology in order to reduce your costs.
The less time your employees spend counting money and sorting it in the back room, the more time they’ll have to spend on core business activities. Don’t let administrative tasks take up all of your employees’ time if you know what’s good for your business.
Lowered Labour Costs
When your employees are scheduled to show up early and leave late just so they have enough time to count their floats and balance the registers, the extra time adds up in labour costs. Even if you’re only scheduling them for an extra ten minutes a day, consider how quickly those few minutes add up for every employee, every day of the year that your hospitality business is open. The more you pay in labour costs to have your employees counting and sorting money in the back, the less money you have to put towards sales, marketing, and other departments that can fuel your company’s growth. This doesn’t take into account all of the time spent paying out tips, reconciliation, managing currency exchange and a myriad of other task that your accounting department performs daily.
When your employees steal from you while manually counting and sorting money, your bottom line can be affected. And the losses you can incur from employee theft in the hospitality industry are significant and often take days to investigate. Automating your cash management process can curb theft because every dollar is accounted for and all staff members are accountable for the money in their possession.
When you’re in the travel and tourism business, you may accept foreign currency. If so, your employees might not fully understand the exchange rate or how to properly count or sort foreign cash as part of their daily totals. Errors with foreign currency could hurt your profits, unless you let state-of-the-art cash management technology handle the technicalities.
You can also be forced to deal with losses from inaccurate counts. Your employees are human and it’s guaranteed that they’ll make errors when counting money and sorting it, especially if they’re tired after a long day, busy, or distracted during the process. When you let machines do the work, you’ll always have accurate counts, so you end up with more of your hard-earned money.
Invest in Technology
Companies in the hospitality industry face unique cash management challenges. Don’t let counting and sorting money manually break your hospitality business. Invest in technology and let the machines do the work, so you can sit back and reap the multiple rewards of your wise decision. Talk to an experienced consultant and find out how others in the industry are reducing labour costs and achieving a significant return-on-investment.