How to Reduce the Risk and Costs of Handling Cash (Updated 2020)

    Sep 17 2020

    Topics: Cash Handling

    No matter how you look at it, manually handling cash is costly and risky. Implementing effective cash management policies and procedures, adding security cameras, and increasing accountability can reduce the risks and costs of handling cash, but not to the highest degree.

    Download "The Most Common Cash Handling Mistakes and How to Avoid Them"  Whitepaper

    If you’re serious about improving your cash management process in order to reduce or eliminate the risks and costs of handling cash, then it’s time to invest in cash management technology. There are many solutions on the market that can help.

    Reducing the Risk of Losses

    Administrative errors can make up a part of your shrinkage rate. If you don’t have the best cash handling procedures, your employees might end up making errors while processing transactions or counting, sorting, or reconciling your cash at the end of their shifts. 

    The solution: Currency counter, sorters, and recyclers

    Instead of taking on losses caused by human error, you can reduce these costs of handling cash by letting the machines do the work instead. Cash counters and sorters as well as currency recyclers can automate your cash handling at the front and back in order to increase accuracy and reduce losses.

    Reducing Labor Costs

    Your labor costs are your biggest expense. Any reduction in labor can significantly improve your profits. By automating your cash management process, you can have quick and efficient machines handling the work previously done by your employees.

    The solution: Cash counters, cash sorters, and currency recyclers

    Cash counters and sorters and currency recyclers can reduce the costs of handling cash by reducing the labour hours needed to process transactions, count, double count, sort, transport, and deposit your money every day. With the technology available today, there’s no reason to have your employees spend their time on these costly cash-handling activities. You can send employees home early and redeploy cash room employees to more important roles.

    Reducing the Risk of Counterfeit

    Your employees might have sharp counterfeit detection skills, but counterfeit bills may still get past them. When they’re busy with lines of customers to get through, they might not have the time to manually check every bill they receive for counterfeit. They might forget. And due to advances in technology, some fraudulent bills are nearly identical to authentic bank notes, making them almost impossible to detect with the naked eye.

    The solution: Counterfeit detectors

    You need automated counterfeit detection to reduce this risk. Counterfeit detectors at every register can help your employees quickly and effectively verify authentic bills, without second guessing. 

    Reduce Costs and Risks with Cash Management Technology

    Cash management technology is an investment that will deliver ROI by reducing the risks and costs of handling cash. You will be able to improve your shrinkage rate by virtually eliminating losses caused by human error and counterfeit. You’ll also be able to reduce your labor costs to boost your profitability.

    With cash management technology, you’ll be able to streamline your processes and improve efficiency, which will improve your business, giving you an edge over your competitors.

    A CFO's Guide: How Cash Handling Is Affecting Your Bottom Line

    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.

    Find me on:

    Latest Tweets

    Contact Us

    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3
    TF: 1.800.268.5457
    Ph: 1.905.696.8102
    Fax: 1.905.696.0733

    United States
    3500 Willow Lake Blvd. Suite 200
    St. Paul, MN 55110
    TF: 1.800.872.9433
    Ph: 1.651.483.3321
    Fax: 1.651.483.3060