The retail industry is notorious for its slim margins and even tougher competition. The retail landscape has been changing drastically over the last few years, with many big players and well-known brands disappearing from the market. That’s just more evidence that retail is one of the toughest games in town.
To be successful in this industry, you must stay on your toes. Budgeting and excellent cash management are two of the most important tools in your toolbox for that reason. Minimizing the costs of cash and limiting loss are primary concerns when it comes to your back office functions.
One of the best things you can do is adopt a Tidel smart safe for your retail business. With this smarter solution for your cash, you could limit loss and put more toward your bottom line.
What Does the Tidel Smart Safe Do?
So, what’s the difference between a smart safe and the one you already have sitting in your back office? The answer is quite a bit, actually.
Smart safes are a marked improvement over the “dumb” safes of yesteryear. Older safes store cash and that’s about it. Anyone with the code can get in or out, pretty much whenever they want to.
The smart safe is different. Although you still require the right information to access it, the smart safe keeps tabs on who is accessing it and when. It also records how much cash is sitting in its vault, as well as reporting on deposits and withdrawals from it.
Tidel’s smart safes can even report to your cash-in-transit provider when it’s time for a pick-up. In some instances, smart safes can connect to your bank about how much is sitting in the safe, and the bank can credit your account so your working capital is always up to date.
Limiting Cash Loss with Better Visibility
How does the Tidel smart safe limit cash loss? There are several different ways. The first is that it improves visibility for your cash.
Want to know how much cash you have on hand? Check in with the smart safe. It will tell you how much is sitting in it, as well as how close you are to needing a pick-up. As mentioned, the safe can provide details on deposits to its vault. You can see exactly how much is going in the safe in real time.
With this information, it’s possible to create reports that show trends in depositing. You could gain better insight into when your business draws in the most cash.
Create More Accountability
A smart safe improves the visibility of your cash, so you can keep better tabs on it. The safe’s reporting features also help you improve accountability for your team.
Each person who has access to the safe can have their own unique code, so you will always know who has accessed the safe. You could also keep track of when they accessed the safe, how often they’re accessing the safe, and even how much they deposit to the safe.
This level of scrutiny makes it much easier to trace errors back to particular team members. Accountability can be held to a higher standard than ever before.
Spot Mistakes When They Happen
Better visibility and accountability with your new smart safe also ease some of the burden when mistakes crop up. With the safe’s currency recognition and reporting features, you can pinpoint exactly when a mistake was made, and even who made it.
When these situations arise, it’s easier than ever to find and fix the errors. Reconciling the books has never been so simple.
If you want to limit cash loss for your retail business, then it’s time to look at a Tidel smart safe. Better accountability, visibility, and reporting help you keep better tabs on your business’s cash, no matter where it is.