The Worst Advice We’ve Ever Heard About Cash Automation

    Oct 12 2016

    Topics: Cash Management

    If you are considering cash automation solutions for your business, you are probably being confronted with all kinds of different and contradicting information. It can be a huge benefit for your company regardless of whether your business deals with small or large amounts of cash.Automating your cash management provides your business with efficient and secure means of managing your cash handling processes.Adopting technology into your cash management process has many potential benefits for your business!

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    There is lots of bad advice in circulation that can lead you astray when you are searching for cash automation solutions. Here, we have outlined some of the worst advice we’ve ever heard about cash automation so that you don’t have to sift through mountains of questionable material. Here’s the worst advice we’ve heard and what you really need to know.

    Don’t Automate Your Cash Management If You Value Your Staff      

    Cash automation, by virtue of its definition, is bound to make your cash management process more efficient. With increased efficiency in the daily operations of your business, a common misconception is that your business won’t need as many staff members. This is not necessarily the case. Taking the responsibility of cash management away from your employees allows them to focus on other work and allows for error-free and fast cash processing. Making use of automated currency counters, counterfeit detectors, cash recyclers, and cheque scanners naturally results in making your cash management process more efficient. No longer will you be faced with the frequent re-counting and re-calculating that accompanies having your staff carry out your cash management process.

    Making use of automation provides your business with a safe and efficient solution to managing your business’ cash. Now your staff can focus on expanding your business and you don’t have to worry about the errors that accompany managing cash by hand.

    If You Don’t Handle Large Amounts of Cash, You Don’t Need Cash Automation

    Any business that handles cash will benefit from introducing technology into their cash handling process. The bulk of transactions for small, independent businesses (such as retail stores, convenience stores) likely involve cash. As a result, streamlining your cash management process can reduce the amount of time it takes to process your cash at the end of the day as well as reduce the margin for error. Even if your business doesn’t handle a lot of cash, the end-of-day processing can be time consuming, frustrating, and inaccurate. Adding cash automation into your business gives your company a security boost and increases the efficiency of your day-to-day cash handling needs. Investing in automation can assist a small business with their day-to-day needs, giving employees more time to work on growing the business.

    Cash Automation Won’t Reduce Risk of Fraud, You Need to Manage Cash By Hand      

    With technological advances comes increasingly secure bank notes (cash) as well as increasingly sophisticated counterfeit money. It has become more and more difficult to correctly identify counterfeit money by looking at security features alone. Investing in counterfeit detection technology allows you to confidently and accurately identify counterfeit cash. This increases the security of your business and allows you to avoid facing potential losses that result from accepting counterfeit currency. Adopting counterfeit technology also gives your staff the confidence to identify and refuse counterfeit money from customers, whether they are using it on purpose or not.

    Managing cash by hand may seem like the most secure method of ensuring the safety of your business, but relying on technology is a more effective and efficient way to protect your company.

    A CFO's Guide: How Cash Handling Is Affecting Your Bottom Line

    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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