Cash management is a broad area. It encompasses the financial processes of collecting, handling, and using cash. A cash management solution, then, is anything that increases the efficiency and cost effectiveness of these financial processes, thanks to technology.
Financial institutions, retail stores, and other businesses use one or more cash management solutions to make these processes easier, safer, more accurate, and less labour intensive.
Let’s delve a little deeper.
Types of Solutions
With technology quickly advancing, there are always new solutions on the market. Thankfully, this means that every business owner can find a model for a cash management solution that is right for his unique needs and also within his budget. Here are some of the most common solutions that help business owners streamline their cash-related operations.
Cheque Scanners: Cheque scanners are used to automatically scan and input the data on cheque payments, such as amount, name, and account information, as well as deposit the sum remotely. A cheque scanner turns a paper cheque into a legal digital cheque that is easier and faster to process thanks to technology.
Cash Counters: A cash counter is used to count large amounts of the same denomination of currency. It can count hundreds of bills or coins per minute with guaranteed accuracy and at a speed that is faster than any human can boast.
Cash Sorters: Cash sorters are used when you need to not only count multiple denominations but also sort them. You don’t have to separate your money by denomination with a currency sorter. Just drop it all in and the machine makes neat piles of counted cash for you.
Cash Recyclers: Cash recyclers are used by larger businesses and financial institutions. They accept, dispense, and balance cash automatically for floats and transactions while also doubling as secure vaults for increased safety. They recycle the cash you put in to increase cash flow, reduce trips to the vault, and reduce armoured car trips to the bank.
The Benefits of Investing in a Cash Management Solution
Business owners use cash management solutions because they’re extremely effective at solving many common cash-related problems that many businesses face—problems that could be their downfall. Here are just some of the benefits.
Cleanliness: Counting and sorting money can be pretty gross—bills and coins aren’t known to be clean items as they’re passed around from person to person. Automating the counting and sorting process means your employees don’t have to get their hands dirty.
Time Savings: Because cash management devices can do the work at a fraction of the time that employees would need to do the same cash-handling tasks, business owners enjoy time savings.
Reduced Labour Costs: Automating your cash handling means your employees don’t have to do as much, or any, manual work, so you can shorten their shifts. Plus, it provides them with more independence so your supervisors can have shorter shifts, too.
Accuracy: With a cash management solution, you eliminate the risk of human error. The equipment can count, sort, and balance money with guaranteed accuracy.
Fewer Losses: Because they can handle money more accurately, these cash management machines also result in fewer losses caused by human error, which means more money in your bank account at the end of the day.
Improved Customer Service: Using a cash management solution means your employees can spend more time engaging with their customers, which will deepen relationships and provide an exceptional customer experience that builds loyalty.
As shown, a cash management solution can provide a myriad of benefits. It’s time to invest in your future so your business can reap the rewards of more streamlined, cost-effective, and secure cash management.
