You’re already aware of how important cash management is for your business. Good management can help you reduce overhead costs and labour costs while also improving your processes and streamlining operations.
A good question any business owner should ask is how often their employees are handling cash. If the answer is many times per day, it could be time to rethink your processes.
How Cash Handling Plays into Cash Management
Every time a cashier accepts a cash payment from a customer, they’re handling cash. They handle it again when they make change. If you ask your cashiers to total their tills, that’s another instance of cash handling.
Cash supervisors and other employees may also handle cash on a regular basis throughout their shifts. Supervisors may be responsible for tallying up tills or distributing floats. They might need to top up tills with change during shifts. They may also be sorting and counting cash, or even preparing bank deposits and day sheets.
The more your employees handle cash, the less efficient your efforts are. By using a more efficient process, you could free up time and reduce the number of times they need to handle cash.
Making Your Process More Efficient
More efficient cash management is in every business owner’s best interests. Reducing the number of times your employees handle cash allows them to attend to other tasks. In turn, they spend less of their day on cash handling, which reduces the labour costs associated with this task.
A more efficient process for managing cash means you’ll spend less time and money on this task. So how do you make the process more efficient?
Cash management technology is often the best solution. You can adopt technologies such as coin and bank note recyclers, currency counters, and currency discriminators to reduce the amount of time your employees spend manually handling cash.
Smart safes can also help you keep cash more secure, while reducing the number of times your employees need to handle cash in the safe. Currency recyclers help you top up tills and floats. These technologies can even help you prepare bank deposits more quickly and easily.
Reduce Errors and Improve Accuracy
Another way the right cash management technology helps you is by reducing errors. Your employees may need to handle cash more often during the day if they’re making mistakes when counting up tills or preparing bank deposits.
The right technology improves accuracy and reduces these sorts of errors. Your employees then don’t need to handle the cash again to sort out the confusion or fix the mistake in calculations. This saves time in the long run.
Adjusting Your Processes to Minimize Cash Handling
Adopting technology to assist with cash management is just step one in reducing the number of times your staff members handle cash every day. While it often produces the most dramatic reductions, there are other things you can do to minimize the number of times your employees need to handle cash.
If your employees are handling cash regularly throughout the day, you can take steps to reduce these instances. Doing so will translate into better cash management for your business.