Today’s businesses need the flexibility to operate in an ever-changing market. Part of maintaining that flexibility is being as efficient and lean as possible. There are different methods to achieve this, including operations rationalization.
One way to raise efficiency is to introduce automation. Modern machines automate many tasks, from sending email reminders to scheduling your employees.
They could also help you automate how you handle cash in your business. Cash automation can help your business become more effective. Here’s how automating your cash handling could help you raise your efficiency.
How much time do your employees spend counting and sorting cash every day? How many hours a week do they need to prepare floats or make change?
It may be many more hours than you think. It takes, on average, 14 minutes to tally up a till. If you have more than one register in your business, your employees could be spending half an hour or more on this one task.
Counting and sorting cash aren’t the only cash-related tasks your employees handle. They may need to spend time preparing deposits for pick-up or taking them to the bank. Another task is reconciling the books and keeping records.
With cash automation, you could reduce the amount of time your employees spend on any one of these tasks. A coin and banknote recycler, for example, counts and stores cash. It also keeps a running tally of the money moving in and out of the machine. It can reduce the time your team spends on preparing floats or making change as well.
The second way cash automation boosts efficiency is through improved accuracy. When your employees count tills, they’re prone to make mistakes. Those mistakes take time to root out and correct.
With cash automation, you don’t need to spend the time finding errors, because devices such as cash counters make fewer mistakes. Reconciling the books is easier than ever.
Improved accuracy also boosts your cash security, and most devices can safely store cash as you await deposit or pick-up.
Another efficiency you may realize with cash automation is improvement to your working capital. Your cash becomes available for you to use more quickly.
You’ll reduce the store float while still keeping enough cash on hand for change. You’ll also decrease the number of deposits or pick-ups you need, making this process more efficient. You’ll cut down on associated banking fees, and also minimize the time you spend preparing and delivering deposits.
Freer working capital also gives your business the flexibility it needs.
Since your team won’t have to spend as much time on cash-related tasks like preparing floats, they can turn their attention to other responsibilities. Cashiers, for example, may be able to stay on the floor longer, improving customer service.
With cash automation, you might be able to change staff scheduling. If you always required overlapping shifts to cover time for preparing and counting tills, you might no longer need to add the extra 15 or 30 minutes to the cashiers’ shifts.
Rationalizing your cash office staff could become easier. You may not need as many people on duty as the tasks can now be handled by two people instead of three.
Cash automation clearly has several advantages for those business owners who want to increase their efficiency. Finding the right solution for your business is key to maximizing these advantages.
If you’re not sure whether a cash counter or a coin and banknote recycler is right for you, talk to the experts. They can help you assess your business needs and find the right device.