When your business deals with an abundance of cash, you need an effective and organized way to sort money. Check out these tips on how to sort money properly so you can maximize the results.
When your employees are taking care of customers, trying to keep the lines moving, and handling endless transactions, they simply don’t have the time to sort money. The situation can quickly turn to chaos. Your five-dollar bills are mixed in with your fifties, and your dimes are mixed in with your nickels.
The process of sorting out the different denominations is often left to be handled at the end of the day. But this is when your employees want to go home to their families, so they sort as fast as they can. This can lead to accounting errors, lost money, and plain bad organization. Then, you have to spend more time dealing with the mess that was created to try to fix the first mess. It’s an endless cycle.
Let’s get you out of that cycle for the last time! With these tips on how to sort money, you’ll find your accounting procedures to be more efficient, which will lead to more accurate counts and higher productivity.
Create Strict Procedures
To sort money properly, every employee that handles cash must be involved, responsible, and accountable. That’s why it’s important to have everyone on board from the beginning. Create a cash handling procedures guide that your employees can read, look back on when they’re forgetful, and follow.
But creating a guide of procedures isn’t enough—you have to make sure your staff follows it. Make it clear that any deviation from procedure won’t be tolerated and make them all sign a form stating that they have read and understand all cash handling procedures.
Invest in Coin and Bill Sorters
Automated money sorters can make your life so much easier. You can let the machines sort money while you perform your other tasks. All you have to do is place mixed bank notes and coins into the sorters and they will effortlessly place them all in stacks or bags separated by denomination. These machines boast 99.9% accuracy, so you can say a happy good bye to human sorting errors. The recognition technology ensures that the right denomination is going into the right pile.
Added attachments allow you to easily bag or roll your coins, and wrap up your stacks of bank notes, too. Investing in these devices will not only improve your accuracy, but also increase your productivity, since your staff won’t have to do the work manually anymore. And a real bonus: these machines count your cash as they sort—at a speed of thousands of bills or coins per hour.
Use Proper Storage
Sorting isn’t the last step in your cash handling procedure. You also have to ensure that it’s stored properly. Poorly stored money can lead to theft, misplacement or loss of money, which are avoidable risks. So invest in a safe or vault, and don’t forget to add storage procedures to your employee guide so you can make sure your money is always secure.
There’s a Solution for You
Whether you work in the restaurant sector, in retail, in banking, or anywhere in between, you know how time consuming it is to sort money and how meticulous you must be in order to get it right. When you deal with a lot of cash, you need a cash management solution in place. There is a solution for you—no matter your industry or business size. You can finally get your cash sorting procedures organized. Create strict sorting procedures, invest in coin and bill sorters, and store your money securely. You’ll be astounded at the difference some simple organization can do for your business.