Every retail business’s success can be measured in its finances. However, cash management is an aspect of business that’s often overlooked when it comes to monitoring growth and business success.
It’s easy to overlook how handling cash is affecting your bottom line and the overall efficiency of your company when there are other issues on the table. One should not underestimate how a series of cash management tools can benefit your business and its success.
These tools allow for more accurate cash counting, safer staff members, and a more secure system of handling of cash - not to forget the time and stress that can be spared counting and recounting money.
For businesses that handle large amounts of cash, the importance of efficient and accurate cash management is vital. Completing cash handling tasks by hand can often lead to miscounting and stress for employees. Additionally, this can slow down each transaction, leading to dissatisfied customers and consequently, affect business reputation.
Thankfully, a cash recycler relieves many of the stresses and complications that come with cash management. They complete transactions, accept and dispense floats, and manage cash processing tasks such as sorting and balancing. They will help you reduce labour costs and allows your employees to focus on more important tasks such as driving sales and providing amazing customer service.
Cash recyclers also store cash securely within the machine. This will allow your business to function smoothly and securely, while still handling large volumes of cash.
An increasingly prevalent issue for many businesses is the detection and control of counterfeit banknotes. In fact, in a recent industry survey, businesses owners rated counterfeit detection and prevention as the second most challenging aspect of running their business.
As technology develops, counterfeit banknotes become harder and harder to detect, leaving business owners and employees under an incredible amount of stress. A counterfeit detector takes the pressure off employees and cash handlers when it comes to counterfeit notes. These devices use ultraviolet and white fluorescent backlighting to aid in the verification process of bank notes.
It’s a simple and cost-effective tool that will limit the amount of loss due to counterfeit banknotes and will lead to better service, more sales, and increased profits.
One of the most common cash handling mistakes is not properly and safely storing cash. If not secured, cash can be susceptible to both internal and external theft, ultimately affecting the safety of your employees and your bottom line. However, there is a cash management tool that will benefit your business simply by storing cash efficiently and maximizing security around your cash management system.
A smart safe combines the physical storage capabilities of a traditional safe enhanced with innovative technology - creating the ultimate cash storage and management system. Each safe monitors the intake and collection of cash that can only be accessed through usernames and passwords - this allows you to track every movement.
In addition to storing cash and sorting banknotes, the smart safe also offers you comprehensive reports so you can chart the success of your cash management. It collects and analyses data, giving you detailed insights into the cash operations of your business.