CFOs are tasked with the challenge of finding innovative and strategic financial solutions that can provide a return on investment. They need to find effective ways of making their organizations leaner, more efficient, and more productive in order to save on costs, improve the bottom line, and gain a competitive edge.
Well look no further. If you want a solution that will allow your company to increase profitability and thrive into the future, then it’s time to integrate cash management technology into the front and back ends of your business.
Do You Know the True Cost of Handling Cash?
You might not consider cash handling to be such a big expense, which is largely due to the fact that the costs associated with it are often hidden. You don’t see the costs on monthly invoices. You might not even fully realize how much you’re spending on it. But you should make an effort to understand the true cost of handling cash at your company. Once you do, you’ll realize that changes need to be made. If you have poor cash management procedures and a lack of accountability in particular, it’s going to be more expensive than you realize to count, sort, store, and deposit cash at your company. The lack of productivity and efficiency will hurt your bottom line in terms of errors, labour costs, and criminal behaviours. Use a cost of cash calculator to figure out your true spend in this category. Once you have the surprisingly high numbers in front of you, you’ll understand why your company needs cash management automation. Solutions can help in the following ways.
Automation Can Save You Money
The biggest part of cash management technology’s ROI will come from labour cost savings. Considering average retailers spend 15 hours a day and national retailers spend between 30 and 45 hours a day on cash handling activities, your labour costs can really skyrocket simply due to your cash handling process. Reducing them just by a few hours, or even just a few minutes, each day can have a significantly positive effect, allowing your company to be more profitable.
When you have high-tech automated machines doing the cash counting, sorting, and reconciling, you can shorten employee shifts, have fewer managers and cash room employees on the floor, and in the end, save money.
In addition, you probably spend more money on human error than you might expect. When your employees are manually processing transactions, counting cash, sorting bills and coins, and reconciling your profits by hand, you’ll inevitably see some mistakes occur. Unfortunately, these mistakes will lead to losses that you’ll have to pay. But inaccuracy doesn’t have to be something you just accept as a part of doing business. You can eliminate human error by relying on cash management technology instead. The machines are completely accurate, so you won’t have to deal with counting, sorting, or reporting errors anymore. The machines never get distracted or tired like your employees do.
Lastly, you’ll save money by reducing instances of robbery, employee theft, and counterfeit fraud. The machines will keep your money more secure.
Technology Can Improve Efficiency and Productivity to Increase Sales
Heightened efficiency and productivity can do wonders for your business, not only in terms of lower labour costs, but also in terms of better customer service. When your cashiers are constantly looking down, counting money and sorting it in their registers, they’re not paying attention to your customers. But when they don’t have to worry about manually counting and sorting cash because technology has got these tasks covered, employees can spend more time on your customers and their needs. In addition, the machines do the work faster and more accurately than your employees could, so your lines will move faster so you can service your customers better. This will improve your reputation, enhance loyalty, and result in increased sales.