Many shoppers with debit cards, credit cards, and cheques in their wallets still decide to pay with cash because it is convenient, portable, and accessible.
Cash as a form of payment is here to stay. To succeed in business, owners need to understand how to manage the cash that comes through their doors. Building a cash solution can increase both profitability and productivity at your company. Here’s how to start:
Hire an Expert
When it comes to money, most people don’t know how to start. They figure their systems work as best as they can, and continue with their old, rundown cash management solutions. If you are unsure of which cash solution process would be best in your store, and you don’t know how to implement it once you find one that works, ask an expert. Cash management experts can do wonders for your bottom line. They can revitalize your cash solutions and are certainly worth the investment once you see how much time and money you will save.
Automate Your Cash Management System
The best cash solution process you can implement is automating your cash management system. Upgrading your system will let you achieve the highest return on investment. When you automate your cash system, you will see less shrinkage, reduced labour costs, and increased productivity and cash flow. Your cash solution process should involve two areas: up front at the point of transaction—your cash register—and behind the scenes in the cash room.
Cash solutions can include:
- Automated cash register systems: When the machine does most of the work, you can be confident that your employees’ cash handling is accurate. In 2011, shrinkage in Canada was estimated at $43.63 billion, which is five times the average amount stolen by shoplifters per year. With a more efficient system, there will be less opportunity for employees with sticky fingers to take advantage of your cash management process.
Alternatively, innocent mistakes when counting cash can easily cost you a lot of money, and they’re completely avoidable when you automate your system and take the guesswork out of manual cash counting.
- Counterfeit bill detectors: Automating your system will also lead to less counterfeit loss—all automated systems come with bill detectors that quickly reject counterfeit notes.
- Coin and note recyclers: Coin and note recyclers make the end-of-shift counts that much quicker. Your employees will have more time to interact with customers, leading to higher customer satisfaction. Your operational efficiencies and accuracy will increase when your staff spends less time in the back counting every dollar. What’s more, with less time spent on counting, your employees can start their shifts later and finish sooner, saving you tons of money on labour. Not to mention, your managers can do what they do best—manage your employees—rather than manually count and double count cash in the back room.
Engage in an Armoured Car Provider
As violence increases, it is important to think of your safety and the safety of your employees. Ending a shift late at night and then walking to the bank with cash to deposit the day’s earnings will leave you vulnerable to theft and violence. When you hire an armoured car service, you and your employees are protected. Plus, with an efficient and timely cash solution process in place, you can reduce the amount of times the armoured car pickups are needed—saving you money at the end of the day.
By building a cash solution process you can be proud of, you’ll ensure you’re counting every penny correctly the first time, leading to higher profits and productivity.