You know cash management is vital to your company’s success. If it’s disorganized and inefficient, you could end up losing money to theft, misplacement, calculation and administration errors, and more. And this can significantly hurt your bottom line. Even just a few coins going missing every week can add up to a large sum over time. If you want to keep more of your hard-earned money, your cash management processes need to be efficient.
If you don’t think you’re getting all that you want from the way you manage and handle money at your company, take these steps.
Step 1: Identify Your Weaknesses
Every company has unique challenges when it comes to cash management. Perhaps you’re wasting too much time manually processing transactions. Perhaps money is going missing due to internal theft. Maybe calculation errors in the cash room are leading to significant losses. Perhaps your labour costs are high because your employees are counting and double counting your bills and coins at the end of the night. Maybe your money isn’t as secure as it could be, making you vulnerable to robbery.
Whatever your specific weaknesses may be, the first step to eliminating them is to identify them. If you do not think you have the skills to do this yourself or you think you’re too close to truly see your company’s cash management challenges, then go right to step two.
Step 2: Partner with a Cash Management Solutions Provider
When you partner with the right solutions provider, you can benefit from strategic advice, recommendations, and consultation services. Your third-party provider can work with you to identify your challenges as well as identify areas for improvement. You won’t have to navigate through these critical but often complex issues on your own. If you’re not well-versed in finances and money management, then choosing the right provider, one that offers consultation services, is key to getting the best advice, and in turn, investing in the right solutions.
Step 3: Invest in Cash Management Solutions
Once your challenges and opportunities have been carefully analyzed, the next step is to invest in solutions that will make your processes more efficient than ever. There are many different types of solutions on the market. If you process a lot of coins, like those in the casino or car wash industry do, then you’ll likely want to invest in a coin counter. If you accept a lot of bills, then a currency sorter would be ideal. If you want your employees to be taken out of the equation when it comes to counting and sorting your cash, then both might be required. A cheque scanner is an excellent choice if you need to process a lot of cheques on a weekly basis, while a cash recycler is ideal for companies that want to speed up their transaction processes for lower labour costs, higher productivity and accuracy, and better customer service. A cash recycler is also the way to go if you want your cash to be secure.
Whatever options you choose should be based on your unique needs. You can find brands and models that are within your budget and that can handle your volume needs.
Train Your Staff
Once you’ve automated your processes, you need to train your staff to use the devices appropriately, in order to get the most out of the way you manage and handle your cash. Your employee satisfaction will surely increase when you automate your processes, as doing so will take a lot of pressure of making mistakes off of their shoulders and increase their efficiency. But for you to see a real difference in your cash management and a high return on your investment, your employees must fully understand how to use the machines they’ll be in charge of, how to maintain them, and how to clean them.