How to Improve Cash Management at a Quick Serve Restaurant

    Mar 16 2015

    Topics: Cash Management

    When you own a quick serve restaurant, you realize pretty quickly how important cash management is. Providing quick and convenient service to customers is top priority, but you can’t let your cash management suffer in order to deliver on customer expectations. There is a way to keep your customers satisfied while also keeping your cash management efficient. Here are some of the ways you can improve your cash management at your quick serve restaurant.

    Quick Service POS System

    Using the right POS system can increase productivity, reduce waste with order accuracy, and reduce training time, while still providing great customer service. When you choose a POS system, you should look for intuitive software, easy-to-use technology, integrated payment processing, and entry-of-cash deposits and shift settlement options. These features will allow you to spend less time in the back office, make it easier and faster for customers to pay, and make it simpler to learn the system. By implementing a POS system that is meant for the quick serve restaurant industry, you will provide faster service, which will lead to stronger sales.

    Bill and Coin Sorters

    Much of what customers can buy at a quick serve restaurant—like coffee, tea, donuts, and bagels—can be purchased with just a few coins or small bills. Naturally, this means you’ll be dealing with far more hard currency than most other businesses. At the end of the shift, it can be incredibly time consuming to sort and count all of this cash. Plus, doing so manually puts you at a greater risk of human error. So if your quick serve restaurant deals with a lot of bills and coins, you should consider investing in bill and coin sorters. They sort batches of mixed currency into separate pots, while also counting and reporting every penny. And the speed at which they work can save you hours of manual counting every day. But the best part? They guarantee accuracy, so you’ll never see accounting discrepancies again.

    Currency Recyclers

    Another option is to implement automated till drawers that recycle coin and notes. These machines are excellent for quick serve restaurants as they automated the cash process, move lines faster and reduce labour. They not only sort and count the money being placed into them, but they also recycle this money and dispense it back to the customer to provide them with the required change. Your employees need never touch cash again. . When your employees use currency recyclers, they’ll spend less time on cash handling so they can focus on what’s more important: your customers’ needs.

    Policies and Procedures

    Even the most current technology won’t help if you don’t have sound cash management policies and procedures in place. Your employees are handling a lot of your money, and they should be trained to do so effectively. Some policies that you could implement are as follows: don’t allow cashiers to share floats or registers, don’t let them give out food or drinks without collecting payments first, and always have them repeat the customers’ orders to ensure accuracy. For your new cash handling policies to be effective, you need to ensure all your employees—new and old—are following them.

    Streamline Your Operations

    Utilizing cash management solutions can turn your slow or mediocre quick serve restaurant into a top-notch high-efficiency restaurant. Your employees will spend far less time handling cash so they’ll have more time to dedicate to your customers, which means faster service, higher accuracy, and increased customer satisfaction. You’ll also reduce your risk of accounting errors and revenue losses.

    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