Although debit and credit are becoming increasingly popular forms of payment in this digital age, most businesses still accept cash—it’s a convenient, accessible, quick, and safe way to pay. If your company accepts cash, you should have a cash management solution in place. Proper cash management will allow you to increase your profits, reduce cash discrepancies, lower labour costs, eliminate shrinkage, and enhance employee productivity. It’s easy—just follow these steps to get on your way to a cash management solution.
Allow a Professional to Find the Problem and Offer a Solution
You might think your cash procedures work well enough for your store, but if you are constantly seeing financial losses due to cash handling mistakes—counting errors or even theft—you might benefit greatly from a professional cash management expert. This person will go through your cash management process and determine which areas of weakness can be tightened or completely rebuilt for optimal results.
Maybe you are wasting time and resources at the cash register or in the back room. Perhaps your system is just too outdated and you can benefit from some new automated devices. Regardless of the problem, or whether or not you know where it is, your cash management professional will be sure to find it and offer you a suitable solution.
Let the Machines Do the Work for You
Manually processing transactions, calculating customer change, detecting counterfeit currency, and counting the bills and coins at the end of the night leaves you with many openings for error and fraud. Automating your cash registers and investing in devices that leave the counting and guesswork out of your cash management will reduce the amount of mistakes that can occur in your cash handling process.
What’s more, by making sure every count is processed and reported to a machine, you can deter internal theft when you reduce the easy opportunity to steal through sloppy cash management.
Cash solutions such as coin and note recyclers located at the point of sale or in the cash management office are reliable and accurate—giving you peace of mind knowing each penny is accounted for during each shift. Additionally, machines are quicker than human cash handling, so you will see your labour costs decrease, which will save you money at the end of the day.
Make Your Employees Part of the Solution
You are not at the store each and every day, so it’s obvious that your employees need to take responsibility for your cash, just as you would if you were there. Your cash management professional can help you write up a list of procedures, which you will then print and bring to your next staff meeting. Your employees should read through the document and sign their copies, which will then be stored in their files. This procedures document should outline exactly what you expect from them when it comes to cash handling—not leaving the registers unattended, where and when to count their floats, ensuring they check for counterfeit money—and what consequences will occur if the cash management guidelines are not followed.
With proper procedures in place, your employees will be held responsible and accountable for the cash handled on their shifts. Employee accountability will serve as a deterrent to the mishandling of your cash—and if necessary, a deterrent to theft, too.
Help Your Business Grow
Proper cash management will reduce your financial risk and save you from costly losses caused by operational errors while handling cash. You will be sure to increase your profitability and productivity, helping your business grow in the future. Creating a cash management solution is easy, so get started today.