Losses are considered part and parcel of owning a retail business. Businesses even have a line in their accounting for it. The majority of retail loss comes from either internal losses or mishandling cash. There’s no reason your business has to suffer, however, because with these steps, you can improve your business’ cash handling and cut down on losses.
1. Talk to a Cash Management Solutions Provider
One of the first steps you can take to improve your business’ cash handling is to talk to a cash management solutions provider. You can explain your current cash management system to the expert, and they can offer suggestions that are tailored to your business to improve your system.
It can be hard to even know where to start when looking to improve your cash management procedures, which is why it’s always a good idea to start with expert advice to learn what you need to do.
2. Invest in Cash Management Solutions
Poor cash handling procedures and policies cause retail companies to lose money. If your business manually counts cash at the end of the day, you’re setting up your business for losses.
The main reason for this is that people are human and they make mistakes. It’s easy to miscount money. You also lose money when it takes two of your employees an hour to manually count cash. You don’t want to pay your employees to count money; you want to pay them to interact with customers and grow sales.
Investing in cash management solutions can help you automate your cash handling so there are fewer mistakes. Depending on the needs of your business, some options are better than others, but the following are good ideas for any retail business:
A currency counter counts the bills at the end of the day. This means a manual count that would have taken an hour now only takes moments. There’s also a reduced risk of errors. You save time and cut down on mistakes.
A currency discriminator can further automate cash handling by counting and authenticating each bank note being counted to provide a total value of cash counted and pieces counted. When connected to a receipt printer, manual work is practically eliminated and reconciliation reduced by many steps. This is all designed to reduce human errors and provide significant labour savings, speeding up cash handling at the start and end of the day.
3. Talk to Your Employees about Cash Handling Procedures
Once you’ve talked to a cash management solutions provider and automated your system, it’s time to talk to your employees about the new procedures. You need to explain how the new procedures work and why they’ve been implemented. Employees will be excited they won’t have to spend so much time counting cash in the back room.
An automated cash handling system can help improve your retail loss prevention strategy. There’s no reason for your business to lose money when it’s preventable with a better system. Learn from an expert what your business needs to move to an automated system, invest in the hardware to make it happen, and then educate and your train employees so the system works perfectly. Your bottom line will notice a difference.