When you’re busy with the day-to-day tasks of running a business, managing how you handle cash can seem like a daunting task. The cash management process involves a number of moving parts, each of which is important to your overall success. It’s crucial for retailers to protect their businesses by running a tight cash management ship!
Implementing cash management best practices will improve your bottom line and increase the security of your business. If that seems like a tall order, consulting with a cash management solution provider will help you make the best decisions to suit the individual needs of your business. If you know your cash management needs some work, here are the top 10 best practices and procedures for handling cash:
1. Organization Is Key to Effective Cash Handling
From logistics to front-line cashiers, you know organization is crucial. The same principle applies in your cash management. You should always be aware of the location of your cash and have accurate records available as cash moves through your business. You have the ability to prevent losses from occurring and avoid common cash handling problems if you stay on top of your cash processing and keep a close watch of your cash as it moves through your business.
2. Keep an Eye on Your Cash
As we mentioned, knowing where your cash is at all times is crucial. Making use of automated cash management technology will ease this process. The machines will properly process transactions and generate accurate reports to keep you in the know.
3. Keep Improving
Even once you have made positive changes to your cash management process, it’s in your best interests to keep evaluating your procedures to make sure you are handling cash in the more efficient and secure way. You might find that there is still room for improvement!
4. Enforce Policies and Procedures
There’s no point in establishing cash handling policies and procedures if you aren’t going to stick to them after the fact. Make sure your employees receive proper training so they are comfortable and confident working within the boundaries of your policies. It helps to check in with your staff on a regular basis in order to correct potential issues immediately.
5. Keep Less Cash on Site
Keeping large amounts of cash on site increases the potential for theft and can be a catalyst for disorganization. Set a limit on the amount of cash you need to keep on hand and make regular deposits to the bank—or make use of cash recycling technology—to keep within that limit.
6. Engage Your Staff
The process of handling cash begins with your front-line staff; it’s important to engage these employees in proper cash management and loss prevention.
7. Maintain a Schedule
Handling cash works best when there’s a schedule involved. For example, you may balance all of your cash registers at the end of every shift and make deposits every Monday and Thursday. Maintaining a schedule will keep you organized so you don’t get bogged down with overflowing cash rooms.
8. Ask for Help
Consulting a cash management solutions provider is a great way to get answers to any of your burning questions on handling cash. These providers are experts in the field and can provide you with project management support as well as on-site tech support for your automated cash management technology.
9. Have Enough Staff
When you have enough staff on the sales floor, cash management can be a team effort! It takes manpower to monitor your security and implement cash management best practices.
10. Invest in Technology
Investing in cash management technology will boost your accuracy, efficiency, and security! It allows you to handle cash with ease and confidence and gives your business long-term savings by reducing labour costs and losses from theft and fraud.