Counting cash can be a chore. For businesses that handle large amounts of cash (as well as smaller businesses), the cash counting process can be fraught with error and frustration, taking up valuable time and resources that would be better spent elsewhere in the business. Cash counting has the tendency to take up variable amounts of time and can be notoriously unreliable.
When you automate your cash counting process, there are many benefits for your business. Purchasing currency counters means that your staff no longer has to manually count and tabulate any cash accepted in your business. Here we have outlined seven ways that your business will reap the rewards of investing in technology to count the cash that you receive.
1. Reduce Labour Costs
Labour costs associated with counting cash are as unreliable as the time it takes to count the cash. While labour costs aren’t always heavy on a day when the cash management process runs smoothly, more often than not counting cash can be a lengthy procedure. Adding technology drastically reduces cash management labour costs and adds a level of consistency so that you can better predict the length of time it takes to process cash.
2. Improve Security
Cash counters demonstrate to your staff that you are aware of each and every dollar that is being brought into and going out of your business. By monitoring your cash management process closely from start to finish, your business will be more secure. When you automate cash counting, you reduce the likelihood of cash going missing as a result of sloppy cash management.
3. Save Time
The speed at which a currency counter operates is far faster than the speed of which a human is capable. The reality of adopting technology is that tasks that were previously prone to human error or tasks that had to be completed by your staff can be transformed to better serve your business.
4. Introduce Accountability
Staff accountability is vital to the success of any cash management process. Creating an environment of accountability means that each staff member that handles cash is responsible for the safe handling and processing of said cash. Accountability and automating cash counting go hand in hand; when your staff are using cash counting technology, the expectation is that it is completely accurate and will reveal any problems that may have occurred earlier in the cash handling process.
5. Complete Accuracy
Cash counting technology boasts complete accuracy for your business. Accuracy in the cash management process drastically reduces the errors that may have previously plagued your business. Prepare to watch your shrink rate diminish after you transform your cash counting process from unreliable to iron-clad.
6. Increase Efficiency
With all of the benefits added together, you will notice an increase in the efficiency of the daily operations of your business once you automate cash counting. Adding technology relieves much of the burden off of your staff and allows them to focus on developing your business and providing excellent service to your customers. A business that runs smoothly is set up for success.
7. Save Money
Last but not least, automating cash counting saves your business money. Reduction in labour costs and increased efficiency serve to reduce the cash management expenses for your business. Add those savings to the reduced shrinkage rates as a result of increased security, and your return on investment for purchasing cash counting technology is hugely beneficial to your company. Cash management technology has been developed to allow you to focus on the growth and development of your business rather than being bogged down by heavy administrative costs that result from cash management. Make the investment for your business and experience the benefits!