When you deal in cash, you see it repeatedly: discrepancies, mismatched totals, missing money. Cashier cash handling mistakes account for many of your losses. And when they occur, you’re the one losing out. Your profits ultimately suffer. But cashier cash handling mistakes don’t have to be an inevitable part of business. You can avoid them by implementing proper cash management procedures and putting the appropriate safeguards in place.
Check out these tips to avoiding cashier cash handling mistakes so you can keep more money in your pockets.
Manage Your Cash in a Timely Manner
Every stage of the cash handling process should be tracked: when cash is counted at the beginning of the shift, when the cash drawers are reconciled at the end of the day, and when money is deposited to the bank. Every time cash exchanges hands behind the counter—from your manager to your cashiers or at any other time, it should be counted and recorded. When your employees aren’t counting their floats before their shifts, or if they’re waiting until the next day to reconcile their cash or deposit it at the bank, they’re risking mistakes slipping through the cracks. Even if you have to pay them extra to count their floats before and after their shifts, the labour costs will still be lower than what you’d pay when cashier cash handling mistakes occur.
Make Sure Your Employees Are Accountable
Each cashier should be accountable for his or her own float—and no one else’s. They should never share cash registers or let cash roll over from one shift or another. This is how the lines of responsibility start to blur. It’s much easier to fix cash handling mistakes when you know exactly when and where they occurred and on whose watch. Plus, when your employees are all held accountable, you eliminate the opportunity for internal theft.
Instill Proper Transaction Practices
It’s easy to make cash handling mistakes when your employees are stressed out by the long lines of customers waiting to get their transactions processed. They’re trying to go as fast as they can—but this can lead to careless transaction processes. Train your employees to take their time, not multi-task multiple transactions at once, and make sure that cash is handled properly with every customer. The items need to be scanned correctly, the right change needs to be handed back, and refunds, discounts, and returns need to be taken care of properly. If you have to, add another cashier to the floor to get the lines moving and ensure your employees aren’t getting overwhelmed.
Place Someone in Charge of Cash Management
You should have a trusted manager on every shift. You can train your employees to properly handle cash and be accountable for their own registers, but if no one is around to make sure your policies are being followed, your employees might not take your cash management regulations seriously.
Update Your Cash Management System
If you’re using technology to handle most of your cash, you’re doing something right. But if you haven’t updated or maintained your system in years, your machines can malfunction, give you the wrong totals, and miscount bills and coins. Technology can greatly increase accuracy when it comes to cash management, so you should invest in the currency counters and sorters, cash recyclers, and smart safes to reduce the risk of cash handling mistakes.