The Internet of Things has been growing at an astounding rate as more manufacturers add “smart” capabilities to appliances and devices. Today, you can buy smart appliances for your kitchen and control the temperature in your home with a smart thermostat.
The “smart” revolution isn’t limited to consumer devices, however, and business technology is also incorporating this technology. One of the devices you can buy is a smart safe.
You might wonder if this is the right piece of technology to invest in for your retail business. There are many other pieces of cash management technology you could choose instead. Does having data from this device benefit you?
You might be surprised at all the different ways this data can improve your retail business.
A Smart Safe Keeps Track of Access
Smart safes are a step up over the safes of the past because they can collect different kinds of information. One of the most important is account information.
You can add accounts to the safe, allowing certain people within your business access the safe. Each person with access privileges has their own account, which they can use with every transaction.
You can also assign different roles to these accounts and then assign different responsibilities and privileges. For example, a manager account would have more privileges than a cashier.
The safe then tracks who has accessed the safe using their account information. You can review the log of who used the safe, as well as how frequently it’s been accessed.
Keep Tabs on Contents
Smart safes also keep track of what’s being stored in the safe. They can tally how much cash you have on hand. Usually, you can create a report that lists the contents. This helps you when you want to determine when to make a deposit or if you need information about how much change you have on hand.
Tracking Transactions for Easy Review
As already mentioned, smart safes record the number of times they’re accessed and the account connected to each transaction. This information is invaluable to a retail business owner for several reasons.
First, you can keep track of who accesses the safe when. This makes keeping an eye on safe activity easier.
Tracing back transactions if there’s an error in accounting will be streamlined as well. If your deposit statements at the bank don’t match up with what came out of the safe, you can go back through the records. This can help you spot errors and correct them sooner.
Improved Reporting Capabilities
Smart safes also allow you to access data in the form of reports. You can print off a summary report to see the day’s activities.
The wider range of reports provides better insights into your cash management activities. These reports also provide a more robust paper trail, which can help if your business is ever audited. Between improving your bookkeeping and allowing you to make more informed decisions, the data collected by a smart safe could help you improve your retail business on several fronts.
Is It Time to Make the Switch?
If you want to improve record-keeping, streamline cash handling, and boost security for your business, a smart safe could be the right solution for you.
If you’re not sure which piece of cash management technology is right for you, get in touch with the experts. A cash management solutions provider can help you select the right solution for your retail business.
