A Family Business Guide to Cash Management Solutions

    Jan 29 2020

    Topics: Cash Handling Solutions, Retailers, United States

    Did you know there are more than 5 million family firms in the United States alone? Most startups around the world are also family ventures.

    Whether you’re getting your business off the ground or you’ve been handed the reins to a decades-old venture, you know the importance of managing the business the right way. After all, your employees really are your family, and ensuring the business’s success will help ensure your family’s future.

    Download "9 Cash Handling Best Practices for Retailers" to improve cash  management in your retail business today!

    An important aspect you should investigate is how you handle cash in the business. The tried-and-true recipe Grandma used for her best-selling pies may not need to change, but you should most definitely be using the latest technology to help you manage your cash.

    There are many options, making it difficult to know where to start. With this guide to cash management solutions, you’ll be well on your way to picking the right one for your business.

    Cash Counters and Sorters Act as an Introduction

    If you’re thinking about upgrading from manual cash handling processes or spreadsheet ledgers, then you may not want to invest in the most advanced solution yet.

    The solution you adopt could also depend on the size of your business and how much cash you handle. If most of your transactions are card transactions, then you might not need a currency recycler that automates every step of the process.

    A cash counter or cash sorter may be a better place to start as you seek out new cash management solutions. These are relatively simple devices that help your team complete tasks like counting and sorting cash quickly.

    These solutions are great for businesses that handle smaller volumes of cash. You can still benefit from the time savings and more accurate reporting.

    Just because they’re simple doesn’t mean they’re not powerful, though. Many counters and sorters can process thousands of coins or banknotes in a very short time.

    A Smart Safe Protects Your Investments

    Once your cash is counted and sorted, you may desire a safe place to store it. You might not be handling enough cash to require a deposit or pick-up every day. Maintaining a store float requires some of your cash to be kept on hand.

    A smart safe could help. It provides security over and above what a regular safe can offer. With a smart safe, you can track how often the safe is accessed and set limits on the number of times a code can be used to access the safe. Smart safes can also help you streamline communications with your Cash in Transit (CIT) provider or your bank. In some places, banks will even credit your account with the amount of cash you have sitting in the safe.

    This gives you more visibility, better reporting, and better access to the working capital you need to keep the business running smoothly.

    The Most Robust of Cash Management Solutions

    There’s a certain point where a business outgrows currency counters. You need a more advanced solution, one that could help you process the high volume of cash you deal with on a day-to-day basis.

    That solution is a coin and banknote recycler. This device can automate almost every aspect of your cash management. The machine accepts cash and automatically sorts and counts it. It then makes that same cash ready to be dispensed. Through all the transactions, it keeps a tally of what comes in and out.

    With a recycler, you don’t need to worry about preparing floats or making change. The machine handles it all, and then assists with counting and deposits too.

    A Great Provider Makes It Easy

    Now you know all about the various cash management solutions you can invest in for your family business. No matter which solution you choose, be sure there’s a great provider backing it. With the right service, you can make sure your investment pays dividends.

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    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3

    905.696.0733