How to Cut the Costs of Inefficient Cash Handling

    Feb 05 2016

    Topics: Handling Cash

    Many companies fall victim to inefficient cash handling. Your business might be plagued by it too—you just might not realize how much of an effect it’s having on your bottom line. Bad cash management can drive up your costs, but since the associated expenses are usually hidden and indirect, you might not notice them as readily.

    What Drives Inefficiency in Cash Management

    Inefficient cash handling can take many forms. Inconsistent cash management procedures, double counting, no accountability, manual cash sorting, storing, and depositing, sight and touch counterfeit detection, lack of oversight—all of these forms of bad cash management can take their toll on your bottom line.

    In any industry, it can be difficult to find good help, especially when it comes to cash handling. When you use your employees to handle and manage your cash, you not only have to deal with extra labour costs, but you also subject yourself to the high risks that come with manual cash management. Employees make mistakes, and these mistakes end up costing you money. And on top of human error and the losses that you incur, you have dishonesty to worry about—employees with sticky fingers, counterfeiters, and robbers will also increase your shrink rate and cost you money.

    The Solution: Automation

    Why are you letting your company lose out due to increased labour costs, administrative costs, shrinkage, and avoidable losses? It’s time for a change. It’s time to cut the costs of inefficient cash handling. The key is automation.

    Unfortunately, many business owners and CFOs resist automation due to fear of technology, but this fear they feel only forces them to bear the consequences of outdated, antiquated, inefficient cash handling processes.

    Once you realize the benefits of automating your cash handling processes, your fears will wash away.

    The Benefits of Automated Cash Management

    There are many cash management solutions on the market today. You should be taking advantage of them in order to cut the costs of inefficient cash handling. As technology makes its way into virtually every facet of business, it creates greater efficiencies and higher productivity. There’s no reason not to benefit from automation for cash management, too.

    Using high-tech machines like cash counters and sorters, currency recyclers, counterfeit detectors, and cheque scanners, you can revolutionize the way your company handles its cash in order to increase your bottom line. The benefits you’ll reap will ensure that you get a high return on investment.

    Automating your cash management will result in lower labour costs—the machines will do the work, at a much faster pace, so your employees won’t have to. Even a small reduction in labour can amount to huge cost savings. When your employees aren’t manually counting and sorting your cash or processing transactions, you’ll save time. You’ll be able to have fewer people on staff and cut shifts.

    Cash management solutions also offer a guaranteed 99.9% accuracy rate. Human error has no place in your business. You can eliminate it by letting ultra-accurate machines handle your money. These machines can process transactions, count money, sort money, store money, reconcile your day’s totals, and keep a running total of your cash. You won’t have to worry about miscounts or misreporting ever again.

    Finally, cash management solutions can eliminate employee theft by increasing accountability. Every nickel will be tracked and reported, so your employees won’t have easy opportunities to steal from you. Your money will also be far safer from robbers, and your business will be protected by counterfeit detection technology.

    When you invest in cash management solutions and automate your cash management processes, you’ll find yourself with more money. You will not only boost efficiency and productivity, but you’ll also cut the costs of inefficient cash handling, leading to great savings.

     

     How to Improve Your Business With An Automated Cash

    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3

    905.696.0733