Cash handling is risky and expensive. And you might already know that the true cost of cash management is higher than most business owners expect. Administrative errors, internal theft, and man hours all add up to total a significant expense.
You might have already taken steps to reduce the amount of money you’re spending—and losing—on cash management processes, like implementing cash handling best practices and putting more security measures in place at the front and back. But there’s one costly area of cash management that you might not have considered when looking to reduce your costs and risks: your cash room.
Think Your Cash Room Is a Requirement? Think Again
You might think that your employees require a safe, private area to count, sort, and store your day’s incoming cash. When you’re handling cash manually, this is a sound business decision. Employers should be handling your cash away from customers. This business practice can reduce risks and keep your money and your employees more secure.
But the surprising fact is that your employees don’t have to perform these cash handling activities manually at all—in fact, they shouldn’t. Manual cash handling leads to increased risks and costs. We live in a world of technology now, which has made our personal and professional lives so much easier, more efficient, and more effective. You use technology to take orders, to process transactions, to market your business, and for so many other business activities, so there’s no real reason why you shouldn’t extend this automation to back-end cash handling activities as well. You can use cash management solutions to your advantage—let the machines do the work, so your employees don’t have to. And when your employees don’t have to, that means that you don’t really need a cash room anymore. They don’t need a safe space for accepting and dispensing floats, counting cash, or reconciling the day’s profits. Because the machines will be handling it.
Your Cash Room Is Valuable Real Estate
That dedicated room for cash handling that you have in your business could be used for so many other things! You spend a lot of money to rent your establishment or, alternatively, you put down a pretty penny to buy it. You can save on fees for a storage locker and use the room to store inventory instead. If you own the building, then you could consider knocking down the walls to add more space for your customers. Either way, you could use it to save on costs or to make money instead.
Use a Cash Recycler Instead
Instead of having a full room dedicated to cash handling activities, you can invest in a cash recycler instead. This complex machine can do it all—dispense, count, sort, authenticate, reconcile, balance, and store all of your cash, while also recycling cash for transactions. It’s completely accurate and efficient, and best of all, it’s ultra-safe. It can be used as a vault and even hooked up to your alarm system. And you can store it anywhere—you can keep it at the front with your registers and ditch your cash room altogether because you won’t need it anymore. Your money will be safely stored in the cash recycler until it’s ready to be picked up or deposited.
Make the Switch—Invest in Cash Management Solutions
Your cash room is costing you money. In today’s modern business world filled with technologies, there’s no reason to have a full room dedicated to manual cash handling processes, because your employees don’t need to be handling these tasks at all. Investing in cash management solutions, like the cash recycler, can save you money. Use your cash room to its fullest advantage and turn it into a money-making space instead.