Proper cash management is important in every business, but it’s vital in the movie theatre industry. When the majority of your customers are paying for tickets, snacks, and games with cash, you must have solid cash management procedures and solutions in place. This is the only way to ensure that the money you’re bringing in is properly counted, sorted, and stored so you get to keep all of your hard-earned profits. Haphazard or poor cash management can be devastating to your movie theatre’s bottom line.
Your movie theatre is bringing in thousands of dollars in hard currency every single day. From the matinees to the midnight screenings, your employees are handling tons of bills and coins, which make it easy for cash handling mistakes to occur. From the box office and the snack bar to the arcade and the back office, you should ensure that your money is properly managed from the moment it’s handed to an employee to the time it reaches your bank. To do so, here are some tips on improving your cash management.
Cash Recyclers for Safety
One of the best ways to protect your money is to invest in cash recyclers. These machines can not only save your employees valuable time from emptying and refilling their tills when cash is low or overflowing, but they can also drastically increase your security. They are equipped with restricted access and silent alarm triggers capabilities so you don’t have to worry about robbers taking all of your money. Automating your cash management saves a significant amount of labour from the cash room employees to every cashier you will recognize a considerable return on investment.
Currency Counters and Sorters
Theatres have long hours and when your employees are tired at the end of their shifts and in a rush to get home, it can be easy for them to make accounting errors while counting out the day’s profits. To prevent these avoidable accounting errors from occurring, you should look into an automated cash management solution for your higher volume theatres or purchasing currency counters and sorters that, you guessed it, quickly count and sort all of your cash. Not only are these machines 99.9% accurate, but they also count and sort at a fraction of the time that it will take your employees to do so.
Counterfeit Bill Detectors
When you’re dealing with so much cash on a daily basis, you should be investing in counterfeit detectors for every point of transaction. Counterfeit fraud is real and it’s rampant. Unfortunately, because your movie theatre is hectic, busy, and often managed by younger staff members, it can be a prime spot for criminals to target. To protect your profits, make sure every bill—big and small—is checked with a counterfeit bill detector before it is accepted.
Implement Cash Handling Procedures
You can’t do it all on your own. Naturally, you’re going to have to trust your employees to handle your movie theatre’s money, too. In order to trust that they’re handling it properly, implement procedures that every employee—new and old—must follow. This can include procedures on processing coupons and discounts, never letting cash roll from the day shift to the night shift, never sharing floats, having a manager present for processing returns, and always having two people present when counting, sorting, and storing floats in order to ensure accuracy. However, implementing these procedures is only the first step; you must also train your staff to follow these policies and ensure that they are followed by every employee, at all times.
When you improve your cash management, you avoid many of the issues associated with handling large volumes of cash at your movie theatre.