Cash is accepted at many different points of transaction at your hotel. Your bar, your restaurant, and your front desk employees will be handling a lot of cash on a daily basis. That’s why it’s so important to have an effective cash management solution in place.
Your cash handling process should be streamlined to increase accuracy and profitability. From the moment cash is accepted to the time it’s deposited, your cash should be safe from theft, counterfeit losses, and error.
Here’s how your hotel could benefit from proper cash management.
Accuracy
When you have multiple employees in different areas of your hotel handling cash, you leave a lot of room for error. And these innocent mistakes can result in big revenue losses for your business. Even the smallest discrepancies will start to add up.
When you use a cash management solution, you will increase your rate of accuracy by letting automated machines do the work. By automating your register, using coin and note recyclers and using cheque scanners you can drastically reduce the amount of times your employees make errors while counting and sorting cash.
Theft
Unfortunately, some of your employees might steal from you if given the opportunity. And without a solid cash management solution in place, they’ll have all the opportunity they need. When allowing your employees to handle cash that isn’t recorded into an automated system once received, it’s easy for them to slip a few bucks in their pocket and go on with their shift. In your hotel environment more cash is often going out then coming in as foreign currency is exchanged and due backs are paid out. Internal theft can result in huge losses, but a cash management solution that includes automated procedures will record all of the cash coming in and going out of your business.
Productivity
When your staff is spending much of its time counting and sorting money throughout their shifts and at the end of the night, they’re not being as productive as they can be. Manually handling end-of-night counts and daily floats takes time—time that your employees could be using on tasks such as cleaning or restocking. A cash management solution can securely pay out due backs at the end of every night freeing up your finance staff to perform other tasks. Why pay more in operational and labour costs than is necessary?
A cash management solution that includes currency recyclers, cash counters, and cash management software can make your hotel’s cash management processes faster, more streamlined, and more efficient than ever before, so your employees can be more productive and efficient.
Fraud
Fake cheques and bills are more rampant than you might think. And when you manage a hotel that deals largely in these types of currency, you’re heightening your risk of being swindled. Crooks can duplicate authentic bills and cheques better than you’d expect, and they can be hard to spot, especially by the naked eye. Leaving counterfeit detection to your employees is risky. Instead, invest in some cheque scanners and counterfeit detectors to alert you of fraudulent money, so you can avoid the loss and hassle of accepting fake bills and cheques.
Protect Your Hotel
Protecting your business from theft and fraud is important when you’re dealing with large amounts of cash. And saving money by increasing productivity and accuracy will make you more profitable at the end of the day.
Investing in a cash management solution will ensure your hotel is working at top efficiency while safeguarding you against potential losses due to counterfeit money, internal theft, or innocent human errors during accounting. If you’re not sure where to start, contact a cash management solution provider who can help you get the right solution for your business.
