You might not realize it, but your company’s cash handling processes might be inefficient. And this inefficiency can hurt your bottom line. You probably don’t think about your cash handling too much. After all, what does it really matter, right? You have more important things to worry about. Cash management is likely one of the last things on your mind.
But the way you handle and manage cash at your company can either work for or against you. If you’re still using manually processes, if you have no oversight or accountability, and if you haven’t gotten on board with automation yet, then it’s working against you. And as such, it’s costing you money—and probably more than you realize. The true cost of cash handling can be staggering and hurt your profits.
Inefficient cash handling can and will lead to higher labour costs, higher administrative costs, bigger risks, and a higher shrink rate caused by employee theft, human error losses, and even robbery and counterfeit.
To keep more of your hard-earned profits in your pockets, you need to improve the efficiency of cash handling at your organization. Doing so will drive ROI.
Here’s how to do it.
Invest in Cash Counters and Sorters
If your company brings in a lot of hard currency, then you spend a lot of time and effort on cash counting and sorting at the start of shifts, between shifts, and at the end of the night. In fact, most companies spend at least 15 hours per day on these activities. That’s a lot of labour for such tedious tasks.
And when your employees are the ones handling your cash—counting it, double counting it, sorting it, and reporting it—you have a higher risk of human error. It’s bound to happen. Your employees are going to be tired and get distracted. They’re going to make counting or sorting mistakes without realizing it. And you’ll be the one taking on the loss.
The fact is manual cash counting and sorting just isn’t efficient. When you buy cash counters and sorters, though, it can be. These machines can process hundreds of bills or coins per minute. And they do so at a 99.9% accuracy rate. This means you can slash your labour costs, redeploy employees to more important tasks, and save yourself from the losses incurred by human error. Now that’s what I call efficient!
Invest in Cash Recyclers
Cash recyclers have completely changed the game of cash handling. They are complex all-in-one machines that do it all. A recycler will act as your cash vault. It will count money coming it. It will sort it. It’ll authenticate it. It will reconcile your totals. And then, when it comes time for future transactions, it’ll recycle that same money. This can boost your cash flow so you don’t have to have so much extra money in your vault just in case you run low.
A cash recycler also cuts down your transaction times from 45 seconds to a mere 8 seconds. This can lead to better customer service and can cut down on the amount of cashiers you need on the floor. And because the machine is doing all of the cash handling work, you’ll also reduce your human error losses as well as losses due to employee theft.
Automation Will Drive ROI
Cash handling comes with costs and risks. The more inefficient it is, the more money you lose, the more time you waste, and the more risks you face. To drive ROI from your cash management, you need automation. Let technology streamline your cash management processes so you can reduce costs and risks as well as boost productivity.