Cash handling is an important aspect of any business. How your business handles its cash determines how efficient you are and even how successful your business is.
Most businesses can benefit from a new cash handling solution to boost efficiency and save on costs.
Stop Manually Counting Your Cash
If you manually count your cash, you can benefit from a new cash handling solution. Manually counting currency takes a lot of time. Your employees can spend anywhere from 30 to 60 minutes counting cash at the end of their shifts, which is time they could instead be spending with customers. Employees also make mistakes when counting, which can increase your shrinkage rate.
If your business manually counts cash, then a currency counter is a good cash handling solution for you to invest in. A currency counter will be able to count your cash in seconds—not an hour. You immediately save time, allowing employees to leave earlier, which can reduce your labour costs. Cash counters are 99.9-percent accurate, so you can also say goodbye to human error.
There are many different types of currency counters; some only count Canadian currency and some count different types of currency. Some can handle large cash volumes while others are best for small businesses. Before you invest in a machine, learn what you require in a counter to ensure you’re buying exactly what your business needs.
Know What’s in Your Safe
If you experience high employee theft or if you’re uncertain about how your cash flows through your business, a cash handling solution you’ll benefit from is a smart safe. A smart safe is a safe that’s able to connect to the internet. With a smart safe, you’re able to check how much money is sitting in your safe, regardless of where you are. You’ll also be alerted whenever the safe is opened. A smart safe requires all employees have their own individual log ins and passwords. This way, you can crack down on employee theft because you’ll know who opened up the safe if there’s ever a discrepancy.
A smart safe also counts all of the money in your safe. It’ll give you an accurate count of the cash and coin at any time you require. This feature of the smart safe allows you to learn how cash flows through your business, as well as when you’re flush or low on cash. You can then build your cash handling strategies around the information you gather.
Many businesses still accept cheques. Accepting cheques manually can slow down your cash flow because you have to take them to the bank to be processed. It means you must wait for the money to be in your bank account. However, a cash handling solution that eliminates this wait time is a cheque scanner.
A cheque scanner takes a digital image of the front and back of a cheque. It then sends that information to a computer program that verifies the cheque. Once the cheque has been verified, it’s deposited into your bank account. You never have to leave your back room.
A new cash handling solution can greatly benefit your business, especially if you’re handling any of your cash processes manually. Automating your cash handling processes can greatly increase your business’s efficiency, which in turn helps your business succeed.