Technology is constantly changing and becoming more complex, but it’s also becoming more useful than ever, especially in the business world. Companies that embrace innovative technology can outperform their counterparts and stay competitive in today’s market. Companies that continue to use their archaic ways in the twenty-first century will keep straying further behind.
However, if you’re used to doing things a certain way, it can be scary to make drastic changes, especially when those changes come with an upfront investment. But technology should be embraced, not feared. And this is especially true when it comes to cash management technology.
Cash management technology can give you an advantage over your competition. It can allow you to streamline your processes and become more efficient than ever before.
Here’s why you shouldn’t fear cash management technology.
It Can Improve Customer Service
Customer service is a critical component of your company’s success. Long lines, slow service, and worst of all, inaccurate cash handling can give you a bad reputation and keep your customers from ever coming back to your establishment again. No one wants to waste time waiting in line when they have better things to do. No one wants to argue with cashiers that they were given back the wrong change.
When you integrate cash management technology in the front end of your business, you can improve customer service. For example, a cheque scanner can make processing cheque payments faster than ever. And a cash recycler can improve transaction speeds considerably, while ensuring total accuracy. The machines do the work, so there’s no chance of cash handling mistakes being made with your customers.
When you can improve customer service, you can get more loyal clients coming back time and time again, improving your bottom line.
It Can Reduce Your Labour Costs
Labour is a large expense and it can eat up much of your profits. But cash management technology can reduce the costs associated with salaries and hourly pay. Consider how much time your employees spend counting floats, sorting and reconciling profits, moving cash around, storing it and depositing it. For the average retailer, these cash-handling activities can add up to 15 hours per day. When you invest in coin counters and currency sorters, you can reduce this expense considerably. The machines can do this previously manual work with incredible speed—faster than any of your employees could. This means your employees can come in later and leave earlier. Plus, if you integrate currency recycling, you can even have fewer cashiers per shift. It’s so efficient that for every three cashiers you used to need on shift, you would only need two, which can make a huge difference in your labour costs.
It Can Increase Accuracy
Cash handling inevitably comes with risks. In particular, when you are manually counting, sorting, and reconciling cash, you risk having to pay losses due to human error. Your cashiers could give out more change than they were supposed to. Your cash room attendants can get distracted and lose count, totaling up your profits inaccurately. Your manager can transpose numbers and misreport your cash. Unfortunately, when these mistakes happen, you’re the one paying the losses, and this can hurt your bottom line. But when you automate your processes, you can get 99.9% accuracy and eliminate human error.
It Can Optimize Cash Flow
Good cash flow is vital to the success of your organization. You no doubt know this. Unfortunately, it’s often a constant struggle for CFOs to keep enough money flowing through the business when so much of it has to be allocated to cash handling. But with currency recycling, you can use the same money that comes in for future transactions, so you need less money in your vault for day-to-day transactions. And with cheque imaging, you can deposit your cheques remotely, so you can have access to your funds when you need them.