Cash management includes a broad array of solutions and equipment that allow companies to reduce costs, improve efficiency, and increase security when counting, sorting, and processing cash.
Though cash management in general can take many forms and there’s no one-size-fits-all approach, the nature of great cash management relies on a holistic approach to meet a company’s unique cash-related needs.
Types of Equipment
Great cash management includes one or more of the following types of automated equipment:
Currency Counters: High-performance note and coin counters can count large batches of money with 99.9% accuracy at lightning speed.
Currency sorters: Sophisticated sorters not only count cash but also categorize and filter it, creating sorted batches of separate denominations in no time.
Vacuum Note Counters: These counters allow big organizations, like casinos and banks, to count strapped bundles of bank notes.
Currency Recyclers: Ideal for retailers, casinos, and other large businesses, currency recyclers accept, dispense, and balance cash to make transactions, reporting, and even floats easier to process than ever before.
Counterfeit Detectors: A must-have for any company that accepts cash, a counterfeit detector can authenticate bank notes for increased security and peace of mind.
Cheque Scanners: Scanning equipment allows businesses to conveniently process and deposit digital cheques on their schedule.
Card Printers: Business owners can increase the security of their companies by designing and printing digital identification cards, gift cards, and financial cards on-site.
The Benefits of Great Cash Management
When your cash is managed appropriately, and you invest in the solutions and equipment that are right for your unique business needs, you can reap all of these benefits.
Increased Accuracy: You can rely on cash solutions to increase the level of accuracy for counting, sorting, and processing hard currency.
Reduced Losses: Automated cash solutions greatly increase the accuracy of your cash-related activities, so you don’t lose out due to human error. No miscounts, no discrepancies.
Time savings: Automated equipment can process money faster than even your best employee, saving considerable time.
Decreased Labour Costs: Labour is one of your biggest expenses. You can decrease this expense when you let the machines do the work. You can schedule later start times and earlier end times as well as reduce cash room employees.
Better Customer Service: The less time your employees have to spend handling money, the more time they have to spend helping your customers, which deepens relationships.
Optimized Cash Flow: With cash solutions, you can reduce your vault holdings by at least 10%.
Peace of Mind: With accurate counts and reports, you can have peace of mind knowing your cash is always safe.
A High ROI
There’s no doubt that agnostic, configurable cash management can give you an excellent return on your investment. Increasing efficiency, accuracy, security, and cash flow while reducing labour costs and losses can significantly help you streamline your cash handling operations and keep more of your hard-earned cash in your bank account. And the less time you and your employees have to spend on non-customer facing activities, the better your customer service levels and overall business can be.
The Time Is Now
Every day that your business goes without great cash management, the more time and money you waste. There are solutions to meet any business need and any budget, so invest in automated solutions today. Technology can help you stay competitive in your cutthroat industry and grow into the future. Your cash is the lifeblood of your company, so you have to manage it with care and attention.