When you consider where you’re losing time and money in your business, you can probably name a few different places where you’d make changes.
One of the tasks you should be examining is how you handle money in the business. While it’s absolutely necessary to handle cash in most businesses, it can also be surprisingly time-consuming. That contributes to the cost of cash in a business, which is usually much higher than business owners realize.
The good news is that there are ways to limit how much time and money cash is costing you. One of the best investments you can make is a high-quality cash counter and sorter. It should be capable of counting and sorting both coins and banknotes. This device should also come equipped with counterfeit detection.
You might wonder what you stand to gain by adopting one of these devices for your business. As it turns out, it’s much more than time and money.
Improve the Accuracy of Your Accounting
You might think that a coin and banknote sorter/counter only saves time and money because it tallies your cash. While that is a major advantage and speeds up the process, it can also help you lower the costs of handling cash in the business another way.
When you have your team members sort and count by hand, they’re likely to make mistakes. After all, they’re only human. It’s easy for a $5 to stick to a $20 and be missed, or for a $10 to accidentally be counted as a $20. Inaccurate sorting and counting lead to inaccuracies in your accounting and imbalances in your till.
You’ll then need to spend time hunting down the source of the error in order to correct it. Your team members now have to double-check the cash, leading to more time spent on counting. If you can’t find the error, you’ll have to take the loss.
By adopting a sorter/counter, you’re making an investment in higher accuracy for your business. In turn, you can spend less time correcting errors and more time tending to other aspects of the business, such as budgeting, spending, and analysis.
Detect Foreign Currency
If you run a business that receives a lot of foreign traffic, chances are that foreign currencies have crept into your tills. High-quality scanners located within currency-counting machines are able to reject unrecognized currency, so you can keep better track of your money in general. Foreign currency can usually be turned in to a bank if you have enough of it, although you might have more success with foreign banknotes than coins. You may not have to write it off entirely.
If you handle plenty of currency, there are devices that can be installed at the point of sale. This could help you detect foreign currency even sooner, which means you’ll accept less of it. You may also want to monitor which rejected currency types you receive most often so you can train your team to watch for them or even consider a plan to help your business deal with foreign notes in a better way.
Your team should be checking the cash you receive at the point of sale. This helps you filter out any counterfeit currency at the time of the transaction, rather than after the fact.
It will still happen from time to time that a counterfeit note will make its way into your coffers. A sorter/counter could help you detect those that have made it through your security and remove them from circulation sooner.
If you accept cheques, a cheque scanner could serve the same purpose.
As you can see, there are quite a few reasons to consider a coin and banknote sorter/counter for your business. Far from a one-note solution, these versatile devices can help you realize better, more efficient cash management for your business.