Cash management technology does exactly what its name implies. It helps manage cash by reducing or eliminating the need to manually handle cash. This includes counting cash, skimming, preparing the float, gaining real-time visibility of cash in a drawer, providing an audit trail, deterring theft, reducing cash-related errors, storing cash safely, and so on.
Companies implementing cash-processing technology find that it saves time, improves accuracy, streamlines processes and reduces labour costs associated with handling cash. A bonus is that it gives employees more time to spend with customers. By automating a laborious and time-intensive process – such as counting a cash drawer by hand or a dual-count procedure – time on the clock can either be reduced or allocated elsewhere.
Any business that accepts cash as payment can reap the rewards of cash-processing technology. Let us not forget about customers. They, too, benefit because cash-handling technology helps ensure they get the correct amount of change every time; plus, streamlining processes allows your employees more time to spend with them.
The amount saved and ROI can vary from one business to the next and can include a reduction in cash loss, hours and technology investments.
But let’s base one simply on time savings…
You operate 100 stores in British Columbia, which has a minimum wage of $15.65
Cash management technology will save at least 15 minutes a day per cashier. If you have 10 cashiers per store, making minimum wage, you would save at least $3,912.50 a day in reduced labour costs or simply have 250 hours extra for shop floor tasks per day across your estate.
This equates to an annual savings of $1,428,062.50 per year or 91250 extra hours for profit-generating tasks. So, even if you deduct your investment in cash management technology, the savings indicate a very clear benefit to pursue. Now if you include tackled cash loss into the equation, your bottom line will thank you for it even more!
Get in touch to find out how our count-by-weight technology can help you.