When you’re busy with the day-to-day tasks of running a business, managing how you handle cash can seem like a daunting task - the cash management process can involve a very high number of elements and touch-points.
However, each of them is vital to your overall success, - so it’s crucial to protect your businesses by tightly managing your cash!
Implementing some cash management best practices will improve your bottom line and increase the security of your business. But, if that seems like a tall order then consulting with a cash management solution provider might be the best path for you – they can help you make the best decisions to suit the inpidual needs of your business.
If you know your cash management needs some work, here are some of our best practices suggestions and procedures for handling cash - incorporate and build upon them as appropriate for your business:
- Organisation is key
From logistics to front-line cashiers, we all know that organisation is crucial. The same principle applies in your cash management. You should always be aware of the location of your cash and have accurate records available as cash moves through your business. You have the ability to prevent losses from occurring and avoid common cash handling problems if you stay on top of your cash processing and keep a close watch of your cash as it moves through your business.
- Keep an eye on your cash
As mentioned, knowing where your cash is at all times is crucial. Making use of automated cash management technology will ease this process. The intelligent machines will properly process transactions and generate accurate reports to keep everything on track.
- Continually improve
Even when you have made positive changes to your cash management process, it’s in your best interests to keep evolving your procedures to ensure you are handling cash in the most efficient and secure way. There’s always room for improvement!
- Stick to policies and procedures
There’s no point in establishing cash handling policies and procedures if you aren’t going to stick to them. Ensure your employees receive proper training so they are comfortable and confident working within the boundaries of your policies. Check in with staff on a regular basis and correct potential issues immediately.
- Hold less cash on site
Keeping large amounts of cash on site increases the potential for theft and can be a catalyst for much much more. Set a limit on the amount of cash you need to keep on hand and have regular cash in transit (CIT) collections —or make use of cash recycling technology—to keep within that limit.
- Engage your staff
The process of handling cash begins with your front-line staff; it’s important to actively promote proper cash management and loss prevention.
- Maintain a schedule
Handling cash works best when there’s a schedule involved. For example, you may balance all of your cash registers at the end of every shift and have CIT collections every Monday and Thursday. Maintaining a schedule will keep you organised so you don’t get bogged down with overflowing cash rooms.
- Seek support
Consulting with a cash management solutions provider can help get answers to any questions on handling cash. These experts can provide you with project management support as well as on-site tech support for your automated cash management technology.
- Get your staffing levels right
When you have enough staff on the sales floor, cash management really can be a team effort! It takes manpower to monitor your security and implement cash management best practices.
- Invest in technology
Investing in technology will boost accuracy, efficiency, and security! It enables your business to handle cash with ease and confidence and provides long-term savings by reducing labour costs and losses from theft and fraud.