Cash isn’t dying out any time soon. For restaurants, this translates into a costly and time-consuming nightmare if cash is managed poorly. The true cost of cash is higher than most restaurateurs expect. The need for manual labour drives up costs and as do theft, fraud, and losses.
Until recently, cash management was largely a labour-intensive and manual process. However, this has begun to change thanks to innovations into cash management technology. Restaurants now have the ability to increase the speed of transactions, increase cash flow, and reduce labour costs and risks through automation. Cash management activities like till preparations, reconciliations, bank deposits, and cash dispensing can now be faster, safer, more efficient, and more cost effective than ever before.
Because cash remains the leading method of payment in 2016, restaurant owners are taking advantage of new cash management technologies in order to see significant time and costs savings. In particular, restaurants are jumping on board and investing in the new smart safes.
What Are Smart Safes?
Smart safes are sophisticated and intelligent devices that offer restaurants and other businesses the opportunity to increase operational efficiencies and overcome the expenses and challenges of traditional cash management. They’re fast, secure, and accurate systems used in cash-intensive environments. They put an end to time-intensive and costly cash management by automatically accepting, validating, tracking, recording, and storing cash in a secure vault.
End-of-day processes used to take managers a lot of time. Having to manually balance and reconcile cash and prepare bank deposits used to be a tedious yet necessary process. Smart safes can handle these tasks automatically, saving managers hours every night. They accept and validate deposits and electronically communicate them with cash-in-transit service providers and financial institutions for more streamlined and efficient processes.
Restaurants that adopt smart safes benefit from improved productivity, and thus, reduced staff time involved in counting and balancing cash. The less time employees have to spend on cash-related activities, the more time they can spend on more important business activities. Restaurants that have implemented smart safes into their locations have experienced significant improvements in overall food and service quality due to this enhanced productivity.
Counterfeit, internal theft and robbery are all serious risks that can lead to huge losses. With a smart safe, a restaurant’s cash is no longer exposed in cash tills and employees and managers do not have access to the cash once it’s deposited. In addition, the number of times it needs to be handled is drastically lowered. Accountability is also increased as every dollar and all user activities are tracked. And counterfeit money? The smart safe validates all bills before acceptance, virtually eliminating the risk.
Manual cash management is prone to errors. Employees are human after all and make mistakes every once in a while, but these mistakes can lead to significant losses for the restaurant owner. After deploying smart safes, though, restaurant owners enjoy greater accuracy. By taking employees out of the cash management process as much as possible and allowing technology to do the cash processing, counting, sorting, and storing, owners can breathe easy knowing that every count is correct.
Gaining Rich Data
Restaurants can benefit from improving their business intelligence. Smart safes give owners the rich data they need to track cash transactions in real time in order to see how well sales are performing, in order to track employee performance, and more. With better data, restaurant owners can make more informed decisions, which can reduce their costs and maximize performance.