You’re well aware of different cash management technologies, but your manual processes have served you well thus far.
Manual retail cash management could be costing your business more than you think. This list covers a few of the losses for your retail business when you stick with outdated manual processes for handling cash.
You Lose Time with Manual Retail Cash Management Procedures
The biggest cost of manually managing your cash is time. It takes time for your employees to count and sort bills. It takes time to double-check the math. Ensuring accuracy is important, so you may end up counting and recounting.
If your amounts don’t add up, you may have to count yet again. If the till still isn’t balancing, you may need to go hunting for the error.
You may also spend time preparing paperwork for your audit trail, as well as bank deposits. Finally, managing floats in your tills or divvying up tips are other lengthy tasks. The right cash management technology could help you get back all of this time.
Lost Productivity and Profits Are Associated with Manual Cash Management
Time is money, as the old saying goes. If you’re losing time with manual retail cash management processes, you’re also losing money.
There is a cost to handling cash in any retail business. Using manual processes increases that cost. In short, you could be paying much more to handle cash than you need to.
You may lose capital in another way too, and that’s attached to the loss of productivity. Since your employees are spending so much time handling cash, they’re taken away from other tasks.
How much more could your employees get done if they didn’t have to count tills? Maybe they could serve another customer or two. Maybe they could get more product onto the shelves.
Cash management technology helps you increase productivity, which in turn boosts your bottom line.
You Lose Peace of Mind with Manual Cash Management
Manual procedures in retail cash management also have an effect on security in your business. With the right cash management technology and the right procedures, you can keep your cash safer and reduce retail losses.
This increases your peace of mind. When you make the switch from manual cash handling procedures, you can stop worrying about why the tills didn’t balance or what an accounting error might mean on your bank statement.
You Don’t Get the Support of a Cash Management Provider
When you think about cash management technology, you may assume you’re purchasing the equipment alone. This isn’t true. You’re also investing in a partnership with the provider.
When you stick with manual retail cash management procedures, you’re missing out on the expertise and advice a provider brings to your business. If you have questions about revising policies or using equipment to maximize productivity, they have insights and answers.
As you can see, sticking with manual cash handling might seem to be the more economical choice for your retail cash management procedures. It could actually be costing you more than you realize. If it’s time to make a switch, get in touch with a technology provider to find the right solution for you.