How to Improve Cash Management at Your Fast Food Restaurant (Updated 2019)

    Mar 06 2015

    Topics: cash management

    https://www.cashtechcurrency.com/coin-and-note-recyclersNaturally, your fast food restaurant relies on fast service. But you shouldn’t put cash management at the bottom of your list of important responsibilities to work on. In fact, the better your cash management is, the better—and faster—your service can be, too.

    Download "9 Cash Handling Best Practices for Retailers" to improve cash  management in your retail business today!

    When you streamline your cash handling procedures and take advantage of the latest technology, your entire fast food restaurant benefits. Your employees spend less time handling cash so they have more time to dedicate to your customers’ needs. Here’s how to improve cash management at your fast food restaurant.

    Make Your Employees Accountable

    Accountability is huge when you manage a fast food restaurant. With so much hustle and bustle, it’s easy for your employees to make mistakes. And the only way to prevent errors in the future is to understand where they’re occurring in the first place and who’s making them.

    By making your employees accountable for their own floats and their own actions, it’s a lot easier to track down discrepancies before they start having a big effect on your bottom line. What’s more, this allows you to easily deter losses when your employees are held accountable. 

    Create a cash handling policy book and methodologically write down every step in the process and detail how your employees should proceed during their shifts. This can include who has access to what cash, when cash should be deposited, who should be present for voids and discounts, and where money should be counted. Finally, review the policies with each employee and have them sign a document stating that they have read and understood all cash handling procedures.

    Use a Currency Recycler

    If you’d rather not leave cash handling to your employees, consider investing in currency recyclers. These solutions range from state-of-the-art technology that dispenses and accepts floats and reconciles your day's sales in the back office up to automated cash recycling at the till.

    With cash recyclers, you always have the amount of cash you need, and your employees don’t have to spend time counting and sorting cash or going to and from your vault to take more cash to their floats or deposit cash when they’re overflowing. They’ll have minimal contact with your money so there’s far less chance of losses caused by human error. It allows for centralized cash management so all your money can be controlled in one place for a streamlined process. They’re so secure that you can use them as safes too.

    Use Currency Sorters

    If you’re not ready to invest in currency recyclers, consider using bill and coin sorters for your cash handling needs. With so many of your customers paying for small items with hard currency, the amount of bills and coins that need to be counted and sorted throughout the day and at the end of the night can add up significantly.

    Tired or distracted employees who are just trying to reconcile their floats quickly so they can get home to their families can make mistakes while counting. But with bill and coin sorters, the machines count and sort your money for you—with 99.9% accuracy. You’ll cut down on your labour costs, your accuracy will skyrocket, and your employees’ morale will increase. You’ll decrease your turnover rate and see the dollar amount in your bank account increase.

    ROI

    When you create a solid cash handling procedure handbook and invest in the newest cash management solutions, you’ll see a great ROI. Productivity will increase and so will profitability and customer satisfaction. When it comes to your fast food restaurant, you know that customer satisfaction is a key to success. So give your employees the chance to spend more time with your customers and let technology handle the cash.

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    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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