Cash management solutions allow companies to streamline their cash handling processes through automation. This leads to higher efficiencies, greater productivity, reduced costs, and myriad other benefits. As a CFO, it’s up to you to improve ROI—and investing in cash management solutions is a great way to achieve this goal. The greater your cash handling efficiency, the less money you spend—so you have more money to spend elsewhere, where it’s needed. This can allow you to gain a competitive edge so your company can thrive and profit now and in the future.
Here’s how cash management solutions can help you improve ROI.
Reduce Your Labour Costs
Of course, you know that labour is a significant expense in business, no matter which industry you’re in. Retail stores, casinos, movie theatres, financial institutions, restaurants—they all required staff. Though labour will inevitably be one of your largest costs, you can still reduce it in order to improve ROI.
When you invest in cash management solutions, you can cut hours, have fewer employees on the floor, and redeploy cash-room workers. Take for example the cash recycler. Recyclers count, sort, authenticate, verify, dispense, and report cash on hand in real time, while working at lightning speed. Your cashiers will no longer have to manually count their floats at the beginning or end of shift—it’s all done automatically, which means it’s done faster and with accuracy.
Cash recyclers, too, will cut your labour costs. By automatically counting and sorting all of your bills and coins at the end of the night, at incredible speed, you can let employees go home early instead of staying later to manually count, double count, reconcile, and report your day’s profits.
Eliminate Losses Caused by Human Error
When it comes to handling cash manually, human error is expected. You know that, at times, your cashiers will give the wrong amount of money back while processing transactions. Your manager might misreport your day’s earnings. And your cash room attendants might miscount or miss sort your cash. But at the end of the day, human error costs you.
You can improve ROI by allowing the machines to do the work previously done by your employees. As cash management solutions are 99.9% accurate, you will virtually eliminate avoidable losses caused by human error.
Improve Cash Flow
Cash flow is critical to the financial success of your company. When you are required to have a lot of cash on hand for transactions, your cash flow suffers, which hurts your ROI. You don’t need to allocate a substantial sum of your cash flow to your vault for day-to-day cash handling. When you invest in cash recycling, you can recycle the money that comes in to use for future transactions, which will reduce your vault holdings by at least 10%.
Reduce Instances of Theft and Fraud
Lax cash handling procedures make you vulnerable to theft and fraud. Though you might not consider these losses to be significant, they can have a real effect on your bottom line, especially internal theft. By automating your systems, you’ll increase accountability as every dollar in your business will be tracked. Automation will also allow you to have a more hands-off approach with cash handling, so your employees aren’t left alone with your money with the opportunity to steal from you.
Fraud, too, can result in completely avoidable losses. But implementing counterfeit detection into your business can help you save money from these losses, too.
Cash management solutions can reduce labour costs, eliminate losses caused by human error, improve cash flow, and prevent fraud and theft from taking place at your business, all of which will improve your ROI.