A store’s cash procedures are something usually kept under lock and key, but you’d be surprised at the many commonalities that Tellermate finds when piloting our equipment in stores.
As part of the Tellermate Way, we offer a free pilot to our large customers to find the best solution that meets their needs. In doing this, we get a close look at how cash is currently being handled, their procedures to assist with loss prevention and their processes in shift changes, deposits and opening and closes. And many times we notice there is a common theme.
3 things are often skipped in the process.
- Spot audits
Internal theft will always remain a concern for employers. Regular and random spot audits once a week (or more, some even say once a day) should be a consistent part of good cash management processes. Spot audits are great deterrents that are often under-used and are a quick way to spot discrepancies earlier and be able to respond to them quickly.
- Skimming tills/cash pick-ups
Everyone has those times of the year, or even those times of the day, that your stores get slammed. Everyone is extremely busy from the time you open the store until the store closes. Taking out the cashier and/or manager to remove cash thresholds from tills is very time consuming. During the times that you are extremely busy, it is even more important to limit the amount of cash in the registers. All POS systems give employees a notification that cashiers have reached maximum cash limit and it’s time to remove those large bills. The problem is that this notification is often ignored, canceled or overridden by a manager due to lack of time. Implementing regular cash skims during the busy season, and every season, will help keep internal and external theft down, as well as help keep better track of the day’s takings.
- Proper safe and/or bank counts
Many times managers “visually” count strapped bills and rolled coins. Missing bills in straps often go unnoticed, how easy is it to slip a $20 or two out of a strap, it doesn’t feel or look that different, but if it happens often enough you could be losing a great deal of cash. There is an assumption that all strapped billed are fully accounted for and that everything coming from the bank is 100% correct, not saying it isn’t…but, everyone makes mistakes, wouldn’t it be smart to verify it to be safe? Having peace of mind that what you are getting from the bank is correct can save you in the end.
Are you skipping out on these 3 important, but often ignored steps? If time and busy stores is your reasoning, it may be time to look at how you handle your cash.
Learn more about how automating your cash counting process can save both time and money. Download the “Insider’s guide to counting cash by weight“.