Many business owners stay up at night worrying about their cash flow problems. As one of the most common reasons why companies fail and go bankrupt, it’s understandable that you would be concerned. Luckily, there are solutions on the market that can help with your problems. They can allow you to keep less cash on hand, reduce costs, and drive savings so you have more money flowing through your business in the areas that require it the most.
Though cash flow problems will affect the majority of all small businesses, they don’t have to ruin you.
Invest in these solutions and you’ll finally be able to have a good night’s sleep.
If your company accepts a lot of cheques as payment, then you should really invest in a cheque scanner. Often, when business owners accept cheques, they wait until they’ve accumulated enough to make it worth going to the bank. Sometimes, you’re too busy to be able to find time to make a trip to your financial institution and wait in line. And even when you do, your money will likely be on hold for at least a week, while your bank transports the money to different locations for processing before allowing you access to your funds. In that time, you have money that you can’t touch when you need to pay bills, pay your workers, or pay your vendors.
But a cheque scanner can allow you to deposit your funds digitally from anywhere, anytime. Simply take photos of your cheques, whether you only have a couple or you have a big batch, and send them to your financial institution over the web. They’ll be deposited instantly, so you don’t have to find time to get to the bank. Plus, since digital cheques don’t have to be routed to many different locations for processing, you’ll have access to your funds sooner than ever before, increasing your cash flow.
Cash recycling is a revolutionary new way to process transactions. Not only does it accept cash you’ve received from customers, it dispenses it back for future transactions. And when the recycler takes the cash in, it counts it, sorts it, and reports it, all in real time. It’s an all-in-one machine that will not only increase productivity and accuracy, but can also reduce your vault holdings by over 10 percent. Because the same money coming in is being used for future transactions, you won’t need to have as much cash on hand. And the less money you have in your vault, the more money you can have to use elsewhere.
Cash Counters and Sorters
You might not realize it, but your employees are spending hours every day counting and sorting your money at the start of their shifts, at the end of their shifts, and at the end of the night to calculate the day’s totals. This increases your labour costs as your employees have to stay at work longer to handle your cash. And considering your labour costs are one of your biggest expenses, you could save a significant sum of money by reducing their shifts, by automating the counting and sorting processes. When you let automated currency counters and sorters do the work, you can schedule your employees to come in later and leave earlier. Just taking 20 minutes off of every employee’s shift can result in huge savings on your labour costs.
Cash flow problems can arise from many different issues, such as insufficient gross margins, excess inventory, too much bad debt, slow-paying clients, and high overhead expenses. But if your cash flow problems are occurring because of the way you handle, manage, and store your cash, you can use the three solutions above to fix them.