Quick serve restaurants need to prioritize speed and customer service above all. Their customers expect to get the food they ordered quickly. They don’t want to stand around or sit in the drive-thru for longer than necessary because your employees are running to the vault to get change, because they’re wasting time trying to detect counterfeit bills by sight and touch, or because they have to count and sort cash manually. Every second your employees waste on cash handling is one second longer that your customers have to wait—and they’re not going to be happy about that.
That’s why so many quick serve restaurants are now investing in smart safes in order to streamline their cash management process.
What Is a Smart Safe?
A smart safe is vastly different from the traditional floor safe. Instead of just taking up valuable real estate, it becomes active in the cash management process. It’s useful to your employees as it automatically accepts cash, sorts it, validates its authenticity, records it, and stores it.
When quick serve restaurants use their smart safes at the point of sale, they can authenticate bills before accepting them. The safe will automatically validate the bank notes at the register and reject them if they’re suspicious. Your employees don’t have to worry about spending time on manual counterfeit detection nor do they have to be concerned about taking on losses due to fraudulent bills slipping through the cracks.
Quick serve restaurants are common victims of employee theft. They have high shrink rates due to employees stealing cash when no one’s looking. Who’s going to miss a loonie or toonie every other day?
But the higher your shrink rate, the lower your profitability. Smart safes can significantly increase accountability through cash tracking. Your employees will be required to type in their user IDs and passwords in order to gain access to the safe. And all of their activities will be tracked—all of the money they put in or take out. If the smart safes are connected to the point of sale, then all transactions will be tracked as well, making it virtually impossible for them to steal without getting caught. If these same smart safes are customer facing then your customer inserts their cash themselves and your employees need never touch cash.
Because smart safes can track all transactions, this makes end-of-day reconciliation easier and faster than ever before. A task that use to take hours each night can take just a few minutes. The time that your employees take to count and sort cash several times a day before it’s deposited at the bank is also eliminated. The money in the smart safe is automatically counted. You’ll see significant time savings when you invest in a smart safe.
Easy Audits and Reporting
For management, smart safes can make reviewing all transactions simple and easy. The safes can automatically generate a wide variety of reports. Your loss prevention team can review any discrepancies, your managers can see peak transaction times for better employee scheduling, and your accountants can gain insights into cash flow any time they need. And since the smart safe can be connected to a local network you can view this data and generate these reports from anywhere on any connected device.