For businesses that handle cash, there’s often a long list of to-do’s that come way before maintaining cash handling best practices - days can get really busy and it can fall to the end of the list.
While dealing with cash management can seem overwhelming, it’s important to remember that it’s crucial for the success of your business.
Implementing and maintaining cash handling best practices will improve business security, increase your profits, and is easier than you think if you make technology your ally. If it all becomes too overwhelming, there’s always the option of consulting a cash management solutions provider to help you further understand the needs of your business.
Here are some cash handling best practices you could incorporate into your cash management:
Have a routine
Routine is key when it comes to cash handling and every employee should know the process inside and out. Perhaps your tills are balanced at the start of every shift and deposits are made at the end of each shift—whichever it is, just make it routine. It’s also helpful to introduce shift managers that oversee the movement of cash. This ensures there’s always a party responsible for watching cash, whether it be switching a till or moving cash from a smart safe.
Hold staff accountable
Holding staff accountable for cash handling mistakes helps you understand which areas of the cash handling process are weak. It also helps you keep an eye on risks such as internal theft. Ensure tills are secure with PIN’s or passwords and that your shift managers are properly trained. If something does go wrong, a shift manager can help determine where it started and how it can be avoided in the future. Passwords or PIN’s also ensure that only the appropriate cashier has access to his or her till, reducing the risk of “finger pointing”.
Have enough hands on deck
Not having enough employees on cash management can lead to shortcuts and errors. Staff members quickly become overwhelmed and mistakes are made sooner rather than later. Ensure there enough staff involved so the cash handling process can continue to work effortlessly.
Limit the amount of cash on site
The more cash you have on site, the more it’s likely that dangerous situations arise. Internal theft, external theft, and overall lack of organisation all stem from having too much cash on hand. Limit the amount and consider investing in a cash recycler to keep cash within limits you deem safe.
According to the Bank of England, £20 notes are the most common counterfeited banknotes in the UK. It’s also one of the most popular banknotes customers use to pay and not an insignificant value. To reduce the risk of counterfeits, introduce counterfeit detection technology and train all cashiers on how the machines work - investing in such technology can reduce your risk and improve your bottom line.
Let technology be your ally
When it comes to cash handling best practices, technology here to help. From smart safes to cash recyclers, they help boost accuracy, speed, and security. Cash management solutions help your staff handle cash with confidence and ease, making processes more efficient. Furthermore, the reduced labour costs help your bottom line long-term while also reducing the risk of theft or fraud.
As you begin to introduce new routines and technology, it’s crucial that employees are properly trained. You can’t expect the job to be done right if your staff doesn’t know where to begin. Train staff appropriately and maintain that training to ensure staff keep up with improvements and your business requirements.