Why Efficient Cash Management is Crucial for Large Retail Chains

    Nov 21 2016

    Topics: Cash Management

    While it’s important for any business to run efficiently, large retail chains must work especially hard to maintain their efficiency. From big labour forces to supply chain management, large retail chains have many tasks to balance. They do not have the time to worry about an inefficient cash management process; having an accurate, secure, and reliable process is vital for these businesses to stay afloat.

    The cash handling process in a large store setting can be a big drain on resources. Not only are there more point-of-sale terminals that need to be staffed, but the back of house cash management process can be unorganized and lengthy. In essence, the stakes are higher with large retail chains as they receive and process huge volumes of cash. Efficiency in all areas of the cash management process is crucial for large retail chains so that they do not get bogged down with unnecessary costs.

    Efficiency Means Security

    When efficient cash processing is implemented by making use of automated cash management, efficiency naturally leads to increased security. Many cash automation options add an extra level of security to your cashroom so that any money entered or withdrawn from the machine is tracked. Personal identification numbers enforce staff accountability for cash handling and allow management personnel to know who is responsible for any discrepancies or missing money.

    Efficiency and cash management also go together when it comes to identifying counterfeit currency. Automation allows staff to quickly and correctly identify any counterfeit currency that might enter your business. Efficient cash processing leads to greater security of both your retail store and cash resources.

    Efficiency Means Productivity

    A lengthy cash handling process takes away valuable labour force from the sales floor. When cash processing has been streamlined, your staff can focus on drumming up new business and providing excellent customer service. Increased customer service directly translates into higher sales for your business. Freeing up your staff from manually processing cash to work directly on selling products not only increases sales, but it also allows the cash processing to be completed with complete accuracy.

    Efficiency Means Accuracy

    Manual cash handling is often fraught with errors. Counting large amounts of currency can be both frustrating and time consuming. When automated cash technology is introduced into a large retail chain, it brings with it complete accuracy as well as efficiency. Making use of machines such as currency sorters and coin counters ensure that each bill or coin your business receives is correctly counted and processed. Rather than spending time counting and re-counting huge amounts of cash at the end of each day, automation counts and totals all cash transactions quickly and without error.

    Efficiency Means Savings

    Efficient cash handling is crucial for large retail businesses, as it has such a great influence on the daily operations of a retail establishment. Saving time at each part of the cash handling process means that your business is also saving money. While there is an initial investment to introduce cash automation into your business, it quickly saves you money over time, freeing up resources that can be re-invested into your business. Efficiency is vital to the success and profitability of large retail chains. Security, productivity, and accuracy all work together to create savings for retail stores by making more effective use of employees and cash resources. Large retail chains must maintain efficiency in all areas of their business model, so investing in an efficient cash management process is imperative for businesses to make the most of cash.

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    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