The grocery industry in Canada is dominated by a few major players, operating alongside a few small independents. Even the biggest stores operate on slim margins. Rising labour costs have put pressure on stores to try different methods of managing them, such as adopting new self-checkouts and reducing staff hours. In addition, inflation has been pushing food prices higher, forcing stores to either raise their own prices or reduce their margins.
As a result, those in the grocery industry are looking for creative ways to improve profit margins. Reducing labour costs and raising prices are two potential solutions. Another potential solution is to improve your cash management process.
Handling cash often has higher costs than business owners anticipate. By automating cash, you can reduce those costs. Other benefits include reduced labour costs and higher employee productivity.
Which cash automation solutions should you consider for a grocery store business? Here are a few options you might want to check out.
Currency Counters and Sorters Can Improve Your Cash Office Efficiency
A currency counter is a relatively easy cash solution to implement. These machines are usually small and cost-friendly. They help your cash management by automating the counting process. This can free up your cash supervisors, who no longer need to count cash by hand.
A currency sorter may be another solution you want to consider. The sorter can count cash, but it also sorts bank notes. It can even put all the bills in a particular orientation, making it significantly easier and faster to prepare bank deposits.
These solutions also improve your record-keeping activities. This is immensely helpful when it comes to preparing year-end reports and taxes. It could help you avoid an audit or penalties.
A Coin and Bank Note Recycler Provides a Robust Solution
If you’re looking for automation that goes beyond the options of a currency counter or sorter, you might want to consider the coin and bank note recycler. This machine is an all-encompassing cash automation solution.
With this machine, your cashiers will no longer need to count their tills at the end of their shifts. Preparing and managing floats is also easier.
The recycler also helps during transactions by automatically tallying cash coming into and out of the machine. It makes the cash immediately available, which also allows you to reduce trips to safe and to the bank, as well as reduce the amount of change you need to keep on hand.
This solution also allows you to improve your paper trail. It may even allow your cashiers to stay on the floor longer and serve more customers, improving employee productivity.
Reap the Benefits of Cash Automation Solutions
These solutions come with similar advantages. They can help improve your cash management efficiency, freeing up employees’ time in the cash office and on the floor. They help you reduce errors and handle cash with more accuracy. They can also help you make changes to streamline your bank deposit process.
Finally, many solutions come with the ability to improve your reporting, both at the store level and to head office. The improved paper trail and better reporting give you greater insights into how to continue improving cash management in your store.
If you’re wondering how to improve cash handling and profit margins at your store, look no further than cash automation solutions.