Adopting cash automation technology brings plenty of advantages in almost any industry. Whether you’re running a store, a casino, or a bank, these devices can help reduce your labor costs and improve your productivity and customer service.
While those benefits are certainly helpful, you might wonder how automating your cash management can help you and your accounting team. Reconciling the books, creating informative reports, and even keeping more accurate records are all benefits of automating cash management in your business. Here’s how the right technology can assist you today.
Cash Automation Technology Reduces Errors
The first improvement cash automation technology makes to your accounting and reporting is a reduction in the number of errors.
When you use manual processes, such as letting your team count and sort cash by hand, mistakes are more likely. After all, your employees are only human. A device designed to sort and count banknotes and coins, on the other hand, is less likely to produce an error.
With a reduction in errors, you can trust that your records and reports will be more accurate than if you rely on your team alone.
It Tracks in Real Time
Another improvement that cash automation technology makes to your processes is that it lets you track balances in real time. With up-to-the-minute counts, your reports will be more informative and accurate.
This makes it easier to make decisions about your cash, including when to call for a CIT pick-up or run a deposit to the bank. In turn, you’ll be able to streamline these activities, reducing both the labor and fees associated with them.
It Simplifies Reconciling the Books
Cash handling doesn’t only happen during opening hours. You’ll likely open the books at the beginning of the month and close them at the end. Your bookkeeper will also close the books at the end of the year and, depending on your processes, potentially at other times as well.
With cash automation technology, reconciling reports with logs from your team on the floor is easier. Day sheets and records kept by your team are now generated by the machines as they count the cash coming in and going out. With more accurate reports, it’s easier for your bookkeeper to make sure the reports and statements of account are in sync.
More Data Yields More Insights
Perhaps the most important advantage of cash automation technology is that it captures more data than your employees provide with manual systems.
For example, a smart safe can log when it’s accessed and who accesses it. It may also report how many deposits you move through per day and how many times you’ve scheduled CIT pickups. Having this information in hand can help you make smarter decisions about when to schedule pickups and how to streamline them so you can save on CIT and banking fees.
More data also allows you to track trends in the business. You may be able to pinpoint an increased number of cash back withdrawals for customers on Thursdays and Fridays, so you’ll know to reduce deposits and increase the store float accordingly. On Tuesdays, when less cash comes through the business and your team makes less change, you may be able to lower the store float.
The data cash automation devices can provide may even help you schedule your team so you have cash attendants on at the right times.
With smart cash automation technology, it’s easier than ever to collect the data you need and power your reporting to make more accurate, insightful predictions about your business.