You might already know that poorly handling and managing your cash can cost you money. When you’re manually counting and sorting cash multiple times a day, your labour costs are inevitably higher as your employees have to spend much of their time counting and double counting money at the start and end of their shifts. You also increase your risk of internal theft when your employees aren’t accountable for their cash and aren’t properly supervised in your cash room. Plus, you also risk taking on losses due to human error, like miscalculations due to distraction when your processes aren’t automated. You probably understand that using cash management solutions is an ideal way to reduce your labour costs, your risks, and your avoidable losses.
But there’s one aspect of your cash management process that you might have forgotten about.
Is It a Necessity?
There is actually one more big cost that you might not have considered: the cost of your cash room itself. You might think it’s a necessity. You might think that you’re required to have a safe room where your employees can go to when they have to pick up and drop off their floats, get more money when they’re running low on cash in their registers, count and sort money away from customers between shifts and at the end of the night to reconcile the day’s totals, and store your day’s profits in a vault.
But in today’s business environment, there’s actually no reason to have a dedicated room for your cash management processes. You might be surprised to hear this, but it’s true. Your cash room is just costing you money.
Use the Room to Its Fullest Advantage Instead
Think about it. You spend a lot of money on rent for your establishment. You should be utilizing every square foot in that space to its fullest advantage. And using a big portion of it as a cash room is just wasted money. That room is valuable real estate in your store. It could be better utilized and could make you hard dollars instead of costing you money. You could use it as additional retail space. You could put displays in it. You could sell products in it. Or you could ditch your storage space and use it to store your loads of products instead. You could be making money off of the space instead of letting it go to waste.
You Don’t Actually Need It
So you understand our point—you could be using that space for more useful things. But then you think “don’t I actually need such a space to count and sort cash?” The answer is no. In today’s digital world, you can use cash management solutions to do all of that work for you, so you don’t need a dedicated room for your employees to handle these cash management tasks.
Most notably, you can use a cash recycler to handle all of the tasks that previously had to be done in your cash room. A cash recycler will not only count and sort money as well as provide you with running totals and reports, but it can also act as a vault, so you don’t need a special room to store your cash anymore. Your money can stay right in the recycler at all times—your employees don’t have to handle it at the start or end of the shift, and it never has to move to a more secure location, because it’s already in a safe vault. It can stay in the recycler until you’re ready to send it to your bank or have it picked up by your armoured car provider. Adopt a cash recycler, and you can transform your cash room into a money-making space instead.