What You Stand to Lose with Manual Retail Cash Management Procedures

    Mar 27 2019

    Topics: cash handling

    You’re well aware of different cash management technologies, but your manual processes have served you well thus far.

    Download "The Most Common Cash Handling Mistakes and How to Avoid Them"  Whitepaper

    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 This list covers a few of the losses for your retail business when you stick with outdated manual processes for handling cash.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.

    Services-You-Should-Expect-from-Your-Cash-Management-Solutions-Provider

    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.

    Find me on:

    Latest Tweets

    Contact Us

    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3

    905.696.0733