Why Quick Serve Restaurant Owners Should Evaluate the Cost of Handling Cash

    Sep 05 2016

    Topics: cash handling

    Quick serve restaurants are fast-paced, high-stress environments, where the demands of speed, efficiency, and accuracy can be draining. There’s also lots of competition, meaning that keeping down costs and improving profitability are of the utmost importance. Your quick serve restaurant needs to be a tight ship, running as efficiently and lucratively as possible.

    If you’re looking for an area where you can more effectively manage costs, then you might want to consider cash management. Because cash management is such an integral part of any operation, business owners often overlook the obvious ways in which it can be more efficiently handled. While manual cash management often seems like the most cost-efficient route, this isn’t always the case, especially when it comes to quick serve restaurants. There are several hidden costs to manual cash management, which is why it might be time for you to re-evaluate the costs of handling cash.

    Labour

    Quick serve restaurants are labour-intensive environments, requiring multiple employees on hand at all times to process and fulfill orders as swiftly as possible. Labour is expensive, and most of a company’s overhead goes to paying their employees. Reducing the amount of labour necessary is to your benefit, as it can save your business significant amounts of money.

    Manual cash handling is also very labour-intensive, requiring numerous hours for counting and sorting money, making deposits, and inputting data. However, while you need employees on hand in other areas of your restaurant business, like manning the cash registers or making the food, you don’t need people on hand at all times to handle cash. Automated cash handling technology, from bill and coin sorters to currency recyclers to smart safes, can efficiently and accurately do all the necessary work for you, significantly reducing the amount your labour costs.

    Accuracy

    Everything moves faster in quick serve restaurants, and the emphasis on speed can sometimes take a toll on the accuracy of your cash management process. When manually handling cash, human error is unavoidable, but in an environment that prioritizes speediness, those errors can occur far more frequently. Simple but frequent errors, whether it’s incorrectly giving out change, or not properly counting bills at the end of the day, can seriously impact your bottom line. Such errors should be avoided when possible, especially in the food service industry, where maintaining profitability is a central concern. The best protection against such errors is an automated cash handling system, which takes over the tasks of counting and sorting for you, and guarantees accuracy.

    Theft

    Quick serve restaurants are cash heavy businesses, which makes them much more vulnerable to theft, both external and internal. One of the most common forms of theft is the exchange of counterfeit currency for goods and services. In a fast-paced environment, relying on manual counterfeit detection is risky; detection of counterfeit bills can be really tricky, and if your cashier is feeling pressed for time, there’s a good chance they won’t be as thorough as they should be.

    Counterfeit detectors are an easy solution; they can be situated at the cash register, and they tell you immediately if the cash you’ve been handed is fake. Knowing that your cash is secure at all times, and that only those with clearance are accessing the safe is also very important. With the right information, any employee can be in and out of a traditional safe, and in the event of a robbery, they are easily compromised. A smart safe requires that all employees access the safe through individuated logins and passwords, increasing accountability and reducing the risk that employees will be in and out of the safe for dishonest purposes. Furthermore, a smart safe can be hooked up to your alarm system, and has advanced locking systems and anti-drilling technology, giving you the best possible protection. While automated cash management technologies are an investment, they safety they promise can significantly reduce your costs of handling cash.

    Cost of Cash Calculator
    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.
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