Is New Technology Changing Cash Handling Procedures Best Practices?

Mar 07 2018

Topics: cash handling

Cash handling procedures differ from business to business. Sometimes, this is due to the nature of the business. Other times, it’s because one business has better cash handling procedures than another. New technology, however, is also changing cash handling procedures best practices. Are you keeping up?

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Businesses that don’t invest in new technology or resist embracing new cash handling procedures best practices will be left behind and struggle to compete.


Say Goodbye to the Manual Count

If you’re manually counting your money, you’re not managing your resources effectively. When your employees manually count their tills at the end of the day, it can take them 30-60 minutes. They have to count twice to ensure accuracy, and then a manager must also count the till. This time spent counting adds up. And it’s an unnecessary cost.

On the other hand, a company that’s invested in new technology, such as a currency counter or sorter, can have its employees’ tills counted in moments. All the employee has to do is place the bills in the machine and, within seconds or minutes, it will return an accurate total. The time that’s saved because of the currency counter means employees can be out on the floor again, interacting with customers and selling more products. Investing more in customer service can help you stay competitive in a saturated retail market.


Say Goodbye to Employee Theft

On average, employees who steal get away with $2,500 in cash or goods before they’re caught. Without an automated cash management system, employee theft is much more likely to occur since there are more opportunities for employees to steal from you. But, when a business embraces new technology, such as a smart safe, the opportunities for theft become negligible.

Having a smart safe changes cash handling procedures best practices because the smart safe does the majority of the cash counting that employees use to do. The safe automatically counts the cash that’s in it, as well as money that is put it or taken off. The safe also requires that everyone who has access to it has their own individualized logins. This means it’s easy for you to track who opens the safe and when. It’s also easy to see who removes money from the safe, which essentially eliminates employee theft.

New technology is changing cash handling procedures best practices for the better. With new technology, businesses can count their cash at the end of the day in moments, thereby making it easy to put together a bank deposit. It also allows retailers to restructure their employees’ time because they spend less of it in the back room counting money.

New technology helps businesses remain competitive because they’re utilizing their resources in better ways. Those companies that haven’t embraced new technology will find themselves lagging behind their competition.


The-Most-Common-Cash-Handling-Mistakes-&-How-to-Avoid-Them

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.

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CashTech Currency Products Inc.
1040 Cardiff Boulevard
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