How much is cash costing your business? The answer typically surprises business owners, especially those in industries handling a high volume of cash.
The costs of handling large amounts of cash are high because there’s more to do at every stage. Spending so much time and effort on handling cash can take away from the customer experience. As businesses continue to emphasize better customer service and focus on differentiating themselves from the competition, poor cash handling practices could cause problems.
There are ways to streamline your cash handling, no matter how much cash your business is receiving. This checklist can help you manage cash with ease.
High Volume Cash Handling Is Easier with Technology
One of the problems with handling cash is how much time it takes. How efficiently can your team count up a till or prepare a float? Counting, sorting, and preparing deposits eat up an inordinate amount of time.
The right cash handling technology might help. A coin and banknote recycler provides real-time counting, so by the end of a shift, the till is already tallied. How much time would your team save if they never had to count up another till? The same machine can also assist with float preparation.
Other devices, such as smart safes or cash counters, could streamline your cash handling processes. The more cash you handle, the more you need to think about automation.
Creating a Paper Trail
Another problem high volume cash handling can create is mistakes and confusion. The more cash you handle, the more effort you need to put into record keeping. How else are you keeping track of all those coins and banknotes?
Many businesses suffer from a lack of paper trail when it comes to cash. Credit cards and debit payments create automatic paper trails because of the involvement of the bank that issues the card. Cash seems simpler because it’s a direct transfer, but it’s also more difficult to record and easier to lose.
The right technology could help here too. Devices like smart safes and coin and banknote recyclers will help you by tracking your cash. The data they collect are useful for reports. Better records mean you’ll have an easier time reconciling the books.
Other technology tools, such as software, can also assist.
Train Your Team
Another challenge to cash management occurs at the point of sale itself. If your team isn’t trained to use the POS system properly, it might lead to issues, and not only with tracking cash.
Take time to train your team to use your POS system correctly. You should also check that they know the proper procedures for handling cash, such as counting back change to customers and checking for counterfeits.
When you train your team, they’ll use the technology you provide the right way. That ensures you’ll get the most out of any cash management technologies and POS systems you invest in.
Another key element of successful high volume cash handling is the oversight of cash itself. Oversight refers to the systems and processes you use to make cash more visible in the business. Reporting and paper trails are important here, but so is the physical management of cash.
Think about who has access to cash in your business. The more people with access, the more likely it is for mistakes to happen. Instead, streamline access to cash. Better recording and reporting provide better oversight here as well, making it easier to track who had access to cash and when.
Better visibility could also help you streamline deposits and pickups. In addition, you may check out trends for the business and make better decisions about how to handle cash.
No matter how much cash you handle, your management processes are key to your success. Get in touch with the experts to discover how you can manage any amount of cash more effectively.