Top Tips for How to Manage Physical Cash at Cannabis Retailers

    Nov 24 2020

    Topics: Retail - Cannabis

    Your dispensary manages high volumes of cash every day. From floats to transactions to reconciliation and bank deposits, your employees handle physical cash multiple times a day. This not only increases your risk of losses, but it also reduces efficiency and productivity while increasing labor costs.

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    When it comes to managing physical cash, cannabis retailers need to balance efficiency with security. Follow these top tips.

    Create Effective Cash Management Procedures

    Should employees share cash registers? Is double-counting required? All retailers should have cash management procedures in place to guide employees in their handling of physical cash. There should be documented procedures for every cash process, including opening and closing drawers, doing drops, depositing cash, and handling discrepancies. These procedures will not only create a culture of accountability among employees but also help reduce common cash handling mistakes. 

    Invest in Cash Management Technology

    Cash management automation will protect your cash, your business, and your employees. It will also enhance cash handling productivity and efficiency. Today’s cash management devices are sophisticated, smart, and highly effective. Coin and banknote recyclers will help employees manage cash transactions quickly and error-free, while smart safes will help you gain visibility into your cash at any time, from anywhere, while keeping it locked away and secure. Investing in secure on-site storage like a smart safe is one of the most important tips for how to manage physical cash at cannabis retailers.

    Manage Employee Permissions and Track Activities

    From your point-of-sale (POS) system to your coin and banknote recyclers to your smart safes, it’s a good idea to manage employee permissions and track employee activities for all your cash management devices. Permissions limit what certain employees can and can’t do in the system. For example, you can manage permissions to only allow trusted and long-term employees to manage inventory and pricing, manage drawers, apply discounts, manage taxes, and access reports.

    Further, providing unique PIN access for every employee in the system creates an audit trail that will help you pinpoint when and where errors occurred and by whom, while also deterring theft. 

    Invest in Cash-in-Transit (CIT) Pickups

    While armored transport may be an additional cost, it should be noted that it will significantly reduce your risks. When it comes to cannabis retailers, security is critical. You may be putting yourself and your cash at risk if you’re driving it to the bank every night for deposits. CIT pickups will ensure your cash always makes it to its destination safely.  

    Limit the Amount of Cash You Have on Hand

    It’s recommended that dispensaries limit the amount of cash they have on site and in drawers at any given time. The amount that’s right for you will depend on the daily volume of cash you see each day. Choose a few trusted employees to handle the movement of cash and secure it in the back room before it is transported to a safe banking facility.

    These top tips for how to manage physical cash at cannabis retailers will help you keep your dispensary’s cash safe while also boosting cash handling productivity, reducing labor costs, and creating a culture of accountability.

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    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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