Cash is king. Even with so many cashless payment options available, your customers still choose to use hard currency to make payments—in fact, the number of cash transactions is growing. You’ll only see more cash in circulation at your company. So it behooves you to understand exactly how much money cash-related activities are costing your business. The time expense and other costs associated with cash handling are staggering—and they might be hurting your business more than you think.
Learn Where Your Money Is Going
By putting financial figures on the time your staff spends processing cash transactions, counting and sorting floats and end-of-day totals, dealing with discrepancies, preparing deposits, and performing audits and shrink investigations, you can understand how much of your overall labour costs go to cash handling activities. Plus, you might not realize how much you actually spend on monthly armoured car costs, deposit envelopes, wrappers, straps, and bags, and other equipment and materials. You also might not realize how losses due to internal theft, counterfeit fraud, and human error are really hurting your company’s profits.
When you use a cost of cash calculator, you can better understand exactly where your money is going when it comes to cash handling activities.
The results you’ll receive from your cost of cash calculator might be surprising. When you add up all of the activities and the expense associated with them, the final dollar number you spend simply for accepting and using cash in your business will be higher than you expect—we’re sure of it. A cost of cash calculator can give you the reality check you need to do something proactive about the situation. There’s no reason for you to be spending so much of your hard-earned money on cash handling.
Find a Cash Management Solution
With proper cash management, you can eliminate and reduce many of the costs associated with cash-related activities. A cash management solution that is configured specifically to meet your unique needs, based on the results of the cost of cash calculator, can help you keep more money in your pockets. Automating the cash management process, with the use of currency recyclers, counters, sorters, and counterfeit detectors, can be just what you need. This automated equipment can help you increase efficiencies, save time, reduce labour, operational, and administrative costs, improve accuracy, and increase security. A cash management solution will allow you to achieve a solid return on your investment.
A cash management solution should be seen as an investment. The more streamlined and efficient your cash management processes are, the less money you’ll be spending on them. This means you have better cash flow for other parts of your company—the parts that really matter. With the extra cash you now have, you can expand your business, put money towards marketing and advertising activities, or grow your business in any other ways that you see fit—ways that were previously unavailable to you due to tight cash flow and high expenses. You will also see a reduction in labour allowing you to achieve a significant return-on-investment or to redeploy those valued employees and increase customer satisfaction.