Feature – What a smart safe can do for your business
So we are clear - what exactly is a smart safe?
Simply put, a smart safe is a device that accepts, counts and validates bank notes - it secures deposited cash until it is removed for transport to a bank – usually by a Cash in Transit (CIT) provider. This means a smart safe automates many of the manual tasks associated with cash management such as counting and reconciling and brings immediate operational efficiencies that result in cost savings.
The elimination of these tasks also means that the staff responsible can be re-tasked with other, potentially profit generating, duties. That is what they call “Win-win!” From an administrative perspective, as a smart safe requires users to log in before a transaction can take place, it records every single transaction by user and also prints a receipt for audit purposes. This has the effect of accelerating the reconciliation of end of shift and end of day balances to a store’s point of sale (POS) systems, producing significant time, and by consequence, cost savings.
The real benefits lie within the software. Usually a cloud-based application, it will allow authorised users to analyse real-time cash flow and monitor all systems for maintenance requirements. It brings access to transaction level data and automates reporting for content, transaction, and end of day requirements. It should also have the ability to interrogate and report on transaction data offering the opportunity to understand any trends in cash flow while supporting decisions to improve it.
More immediately, the reporting also expedites the resolution of any discrepancies between the POS cash sales and the deposit amount, so associated costs are minimised. Similarly, with this improved accountability, businesses also observe that cash shrinkage is eliminated.
A smart safe frees up staff to focus on other duties but it will also provide greater security and reduce the level of risk that they are exposed to - creating a safer workplace.
Staff will no longer have access to the contents of the safe except under dual custody with the collecting CIT company. Furthermore, with a CIT company providing collection services there is no longer a need for staff to transport cash to a bank. This means the inherent risk of vehicular accidents, robbery, and assault while in transit are removed.
In summary, a smart safe can support a business in the following ways:
- Free up staff time and resource as a smart safe removes the need for manual cash counting, reconciling and reporting - simplifying till administration
- Bring the ability to identify forgeries at point of sale so that counterfeits are rejected from your cash cycle
- Gain visibility of every device so you know exactly how much cash is at any point of the cycle, providing complete transaction transparency
- Leverage detailed, automatic reporting so you can analyse your cash cycle and increase its efficiency and profitability
- It will eliminate shrinkage as cash is secured and cannot be accessed
- Forms the basis of a robust cash management / security solutions which mitigates the risk to staff, customers and the general public.
Why not take a look at the smart safes that Loomis has to offer - Loomis SafePoint.