Hotels are a unique breed. You need to ensure that all areas that accept cash, such as the hotel bar, restaurant, banquet hall, and front desk have cash available, but for the average hotel, you pay out more cash than you take in. Hotels also deal with due backs and paying out tips to your employees can often take days. Due backs, foreign exchanges, cashing in travellers cheques means that you have a lot of money tied up on the floor, locked up in unused floats.
In order for your hotel to better manage cash flow, retain and engage employees and grow in the future, you need a cash management solution that can help streamline your cash handling processes and ensure your bottom line is protected.
Analyze Your Cash Control System
The first step to finding the right cash management solution is to analyze your current policies and procedures. What are your cash handling, counting, and storing procedures? What is your process to pay out due backs? How are you distributing floats? Perhaps you don’t have procedures in place, or you have come to realize through your analysis that your employees aren’t following the policies properly, or at all. By analyzing your system, you will know what next steps to take.
Hire a Cash Management Solution Professional
Hiring a professional to look into your cash management issues is a sound investment. After all, this person is an expert when it comes to finding the problem, offering a solution, and rebuilding your cash management system for streamlined operations. If you don’t know where to start when it comes to examining your own cash management system, leave the work to a professional and ensure the changes you are making to your cash control system are best for your hotel. Leave the guesswork out of the process.
Satisfied Employees = Retention
There are several solutions in the market today, most of which can recycle coin and notes. These solutions easily dispense the day’s floats and allow each employee to be fully accountable. At the end of shift, the employees insert loose coin and notes into the solution and can then receive any due backs owed to them from that day’s work. Your employees never have to wait until their next shift or perhaps for days to receive their money.
Improve Cash Flow
Cash management solutions guarantee that a hotel will reduce its cash flow through a reduction in floats, vault holdings and increased accuracy. No longer will it be necessary to have employees lock up their floats waiting for the next time they have a shift. Floats are quickly and easily dispensed as needed and counted back at the end of the shift allowing the next shift to repeat the cycle without unnecessarily tying up cash. Reporting providing by most solutions gives head office and finance a comprehensive view of cash flow, deposits to bank and allows for better cash management overall.
The savings to be had by implementing a cash management solution in a hotel are extensive. Reduction in cash-on-hand, labour savings and fewer losses are just a few ways your hotel sees benefits.