For many CFOs, cash management is an afterthought. There are so many more important financial issues higher on their lists of priorities that they don’t even consider the way their companies handle cash. But the truth is poor cash management processes can really hurt your bottom line. And when you don’t take the time to consider how much you’re spending on cash handling and then find solutions that can drive ROI, you’re basically just wasting money and hurting your company through reduced productivity, inefficiencies, and the high cost of preventable losses.
It’s time to get proactive and invest in technology so you can drive ROI from cash management. Trust us, it’ll be worth it.
Did You Know? Handling Cash Is Risky and Costly
Once you put cash management at the top of your priority list and start to calculate your true cost of handling cash, you’ll understand why investing in cash management solutions is so important. You’ll realize that you’re spending a lot more on labour costs than you need to when you have your employees manually counting, sorting, reconciling, and storing your day’s profits. These activities can add more than 15 hours per day to your labour costs!
Now calculate your shrink rate. How much are you losing to employee theft? To counterfeit fraud? To robbery? To administrative errors and cash handling mistakes? The rate is probably higher than you would expect, but these losses are totally preventable with the right technology in place. Just look at the benefits you’ll receive from the solutions detailed below.
Cash Counters and Sorters
Cash counters and sorters are pretty simple devices—as their names entail, these machines count and sort your cash automatically. Just dump in a batch of mixed coins or place a stack of bills in and the machine will zoom through them, sorting them by denomination and counting them as they go. All you’re left with is an accurate total.
If your business handles a large volume of cash every day, like restaurants, retail stores, movie theatres, and gambling establishments do, then you should invest in cash counters and sorters. They’ll count and sort your money so your employees don’t have to—and this will reduce your labour costs. They’ll also provide you with an accurate total at the end of the process, so you can reduce your risks of losses due to human error.
Buying cheque scanners can really be of benefit to your business because they can allow you to have access to your cash sooner. You’ll be able to deposit your cheques remotely, from your office, home, or anywhere else, so you won’t have to waste time at the bank or have cheques sitting in your desk, with funds that you can’t access. And of course, anything that can optimize your cash flow can really provide a great return on investment.
Counterfeit fraud isn’t just something you see in the movies. It’s real and it’s a lot more common than you might think. And if you’re the unlucky victim of counterfeit money, you will have to eat the loss. However, this is totally avoidable. You can keep more of your hard-earned money by investing in counterfeit detectors for every point of sale. Help your employees spot suspicious bills before you accept them—so you can avoid taking on the loss.
Currency recyclers are complex machines that accept, count, sort, reconcile, authenticate, and store money. They’re great for speeding up transaction times—they can do all of the work in just eight seconds, which will increase customer service considerably. They also recycle the same cash coming in for future transactions, so you can lower your vault holdings and optimize cash flow. And since they’re accurate, they’ll allow you to reduce your risk of cash handling errors that lead to losses. Currency recyclers deliver an incredible ROI.