A restaurant’s success largely relies on the ability to manage cash effectively by implementing a firm cash handling procedure. Aside from customer satisfaction and quality, restaurants owners and managers are also obligated to give careful consideration to security, accountability and staffing. Even restaurants that provide great food and service can deteriorate rapidly without careful cash management processes. The key components of an effective cash handling procedure combines accountability with staff selection.
Two key positions must be fulfilled at all times, regardless of whether your restaurant has a few staff members or a large team. These include a supervisor and cashier. Trustworthy supervisors are necessary to oversee effective cash handling, whilst cashiers are accountable for handling the cash drawer. Smaller businesses may choose to incorporate a managerial position with cashier duties as well. It is essential to have two individuals who are accountable for cash management at any given time. This is beneficial in case of human error and for verification purposes. Allowing more than two employees to handle cash makes it difficult to track money and increases the chance of theft.
Staff should be fully aware of the cash handling policies and processes through adequate training and reminders. Rules must be in place in order for the entire staff to understand issues regarding cash in the restaurant.
Shift Change Procedure
It should be a requirement for staff to count and record the amount of cash in the cash drawer at the end of each shift. Records can be made on their shift report or on appropriate documentation. Other important information to record includes checks and credit card receipts. The other employee accountable for money needs to verify the amount. Restaurant owners must determine a standard method of distributing tips. It is not advisable to allow employees to take tip money directly out of the cash drawer.
Using a computerized system reduces the risk of discrepancies and makes it easier for wait staff and cashiers to keep track of orders. Training staff to use the computer system can easily be done with a quick training session. Wait staff enter the orders, and the computer system generates the total amount. Cashiers enter every transaction as money is paid for each meal. Report comparisons are made at the end of the day to confirm that they merge correctly.
Choosing to install a CCTV camera can help safeguard against theft. Staff who are aware of surveillance measures are also less likely to steal. Advances to CCTV technology even allow those with access to stream feeds directly from their mobile device or PC.
It is beneficial to require the cashier or supervisor to move cash into a safe when a fixed amount has been reached. Install a CCTV camera in the safe deposit room for more security. Moving cash into a safe deters spontaneous robberies from occurring since large amounts are out of view.
Handling money in a restaurant does not have to be a headache when the right precautions are taken. Attentiveness and smart cash handling procedures can minimize your losses and maximize your earnings.