Why CFOs Should Introduce Cash Management Solutions

    Nov 27 2015

    Topics: Cash Management Solutions

    Introducing cash management solutions can have long-lasting positive effects for your entire organization. Though we understand that it can be scary to integrate entirely new systems and rely so heavily on technology, the results you’ll receive will be well worth it. Cash management solutions can provide you with a high ROI. Here’s how they’ll change your company for the better.

    Increase Efficiencies

    You have to be lean and mean to stay profitable in this competitive market. Raising your prices to increase your profits won’t work—you’ll just lose customers. Instead, you need to streamline your processes, make sure every dollar is maximized, and enhance productivity to see improvements in your bottom line.

    By introducing cash management solutions into your company, you can drive efficiencies in your front and back ends. At the front, you’ll be able to process transactions faster through the integration of cheque scanners and currency recyclers. When you cut your transaction times, you’ll keep your lines moving faster, so you can improve customer service. And in the back end, using currency counters and sorters can result in less wasted time. Your cashiers, managers, and cash room attendants will be able to work more productively and spend more time on the tasks that matter instead of spending all of their time handling cash.

    Reduce Costs and Save Money

    CFOs are always looking to reduce costs in order to save money. And introducing cash management solutions will help you achieve your goals. When you automate your systems and have machines doing the work, you’ll save on labour costs. And you know that with labour costs being one of your biggest expenses, even a small reduction will result in huge savings.

    In addition, these solutions are 99.9% accurate, so you won’t lose as much money to human error and avoidable mistakes. The machines won’t get distracted and miscount or misreport your cash, so you won’t be affected by these losses.

    Lastly, cash management solutions can enhance your security and increase accountability. Every nickel will be accounted for, so employees with sticky fingers won’t have any opportunities to steal from you, reducing your shrink rate considerably. You won’t lose money to counterfeit fraud, either, when you invest in counterfeit detectors.

    Optimize Cash Flow

    As a CFO, you’re probably fully aware of the importance of cash flow. You absolutely need to have access to money when you need it for bills and expenses, like payroll and vendors. Introducing cash management solutions can allow you to optimize your liquidity. Cheque scanners, for example, can allow you to deposit your cheques via the internet, so you can access your funds sooner. And a cash recycler can reduce your vault holdings by more than 10%. When you have less money sitting in your cash room, you’ll have more money available when you need it to use it. Plus, the cost reductions we mentioned earlier will also help you have more cash flowing through your business.

    It’s Time to Integrate Technology into Your Cash Management Process

    Making changes to the way you operate your business can be scary. You’ve probably kept the same archaic manual systems for so long because you’re afraid to embrace technology. But technology can help you run your business more efficiently. It can help you reduce costs and drive savings. And it can optimize your cash flow. These are results that you just can’t ignore.

    It’s time to integrate technology into your business. It’s time to invest in cheque scanners, counterfeit detectors, bank note sorters, currency counters, and currency recyclers so you can improve your bottom line. Once you take the leap, your business will benefit.

     How to Improve Your Business With An Automated Cash

    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.

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