If you really think about your cash management process objectively, you might realize that it could use some improvements, particularly if you’re still handling cash manually. Manually cash management typically ends up wasting a lot of time, driving up costs, reducing efficiency and productivity, and increasing the risks of handling cash. There’s no visibility, no accountability, no guaranteed accuracy, and no speed.
When your employees and managers are processing transactions, counting, sorting, reconciling, and storing cash manually, your labour costs skyrocket and your productivity suffers. Your employees are spending all of their time on handling cash rather than spending time with customers and on other business activities that really matter.
Luckily, there is a way to increase operational efficiencies in order to dramatically cut the time and costs associated with cash management: Smart safes. When you use technological advancements to your advantage while operating your business, everyone wins—you, your employees, your customers, and your bottom line.
What Is a Smart Safe?
A smart safe is just what its name implies: a high-tech safe that uses smart technology. It consists of a user interface that allows you to handle cash-related activities like generating user statistics, gaining access to log histories and real-time notices of armoured car pick-ups. You can check on cash flow, generate a variety of reports and all notes are automatically validated for authenticity.
Instead of having a traditional floor safe that doesn’t do much other than take up space and store cash, the smart safe not only secures your money, but it is also an active part of your cash management process, from point of sale to deposit and everywhere in between. It uses advanced intelligence to accept, track, validate, reconcile, record, and store cash while also communicating wirelessly with other devices, so you can access your safe information at any time, from anywhere and connect it with your cash-in-transit provider and your bank.
Reducing Cash Pickups
Daily cash pickups can become expensive—you must pay your armoured car service for each visit. With a smart safe, you can reduce the frequency of necessary pickups, typically to once or twice a week. You can cut your armoured car expense by 50% or more.
Improving Safety and Security
By implementing a smart safe, you can improve workplace safety by minimizing the exposure of cash and ensuring that it’s stored as securely as possible. The risk of internal theft is reduced because all user activities are tracked and every dollar is accounted for. Robbery is also reduced, and you also get added protection against counterfeit fraud through the bill validator. By enhancing your culture of loss prevention with a smart safe, you can save on the losses associated with theft and fraud.
Reducing Labour Costs
The smart safe can do many of the cash-handling activities that used to be done by hand, including validating bills, balancing tills, reconciling discrepancies, generating reports, and preparing bank deposits. There’s no longer a need to do these time-consuming tasks manually or count bills four or five times in a day. Once money is deposited into the device, it never needs to be touched again. The device will automatically denominate and validate payments and track all cash that enters. The less time your managers have to spend on cash management due to the smart safe’s efficiencies, the lower you can reduce your labour costs for big savings.
Utilizing a smart safe can dramatically cut the time and costs associated with cash management at your locations. With greater efficiency and profitability without higher costs, you can have more resources and working capital to facilitate the growth of your business as well as enhanced productivity for improved customer service.