For most big box retailers that handle large volumes of money, checking sales clerk tills in and out, reconciling cash to the POS system, and handling the day’s sales in the cash room remain an inefficient and labour-intensive process. Retailers may have several cash room employees on staff solely dedicated to the cash handling process.
But big box retailers do not need to keep struggling with inefficiency, wasted time, and inaccuracy in their cash rooms. There are cash management solutions on the market today that can improve the overall system. And the most cutting-edge and advanced big box retailers have already begun automating their cash rooms in order to reap the benefits, such as the five listed below.
1. Greater Efficiency
Fully automated cash rooms that automatically dispense and check in till drawers, reconcile end-of-shift cash reports, and count, sort, and verify currency can lead to greater efficiency. Taking advantage of new technology that fully integrates bank note and coin recyclers that are tied in with your POS system can streamline the overall cash management process. The check-in and check-out process can be completed in less than a minute. This greater efficiency can lower costs and boost productivity.
2. Greater Accountability
Internal theft results in billions of losses every year for retailers. When big box retailers automate their cash rooms, they can improve accountability. At the start and end of shifts, employees must enter a personalized PIN in order to remove cash for the day or enter it into the system at the end of the day. This ensures that every nickel is tracked and accounted for. With greater accountability comes a reduction in internal theft. The majority of employees won’t steal cash if they know they’ll get caught.
3. Fewer Losses
No matter how experienced or skilled your cash room attendants are, they’re still human, and thus, your cash management process is still subject to human error. Big box retailers that automate their cash rooms benefit from 100% accuracy. They no longer have to accept losses caused by cash handling mistakes or administrative errors. This can reduce retail shrinkage and improve their bottom line.
4. Reduction in Costs
Automating your cash room can allow you to significantly reduce the workforce needed to handle the cash management process since all manual labour will be eliminated, and in instead, will be performed automatically. By eliminating time-consuming cash handling tasks, you can eliminate unnecessary wasted time. Even a small reduction in your labour costs can have a great impact on your bottom line. The big box retailers that automate their cash rooms benefit from lower costs.
In addition, your armoured car costs will also be reduced. As cash and coins will be recycled, you’ll reduce the number of pick-ups required.
5. Improved Security
When dealing with large sums of money, you must improve security. Though many CFOs fear the increased risks of implementing technology into their retail stores, the opposite is actually true. The risks don’t increase—they decrease. Not only will you be able to lower your risk of internal theft by boosting accountability, but you’ll also be able to ensure that your cash is stored as safely as possible, reducing the risk of in-store and cash-in-transit robbery as well. And when you take advantage of counterfeit detection technology, you can also eliminate counterfeit fraud from your list of cash management risks.
It might be time to re-think your cash room. Automating your cash room is smart and secure for your retail store, for your employees, for your customers, and for your profits. Automating your cash management process can result in several benefits. If you want to take advantage of greater efficiency and accountability, fewer losses, fewer costs, and better security, then follow the steps of the big box retailers and automate your cash room, too.