Bars are busy places. There’s a lot of money changing hands quickly. Plus, it’s late, the music is loud and your customers may not exactly be 100% coherent. It’s no surprise then that cash handling errors occur, or that cash loss is a big problem for bars and restaurants alike. But did you know that cash management technology could reduce the manual processes associated with cash management tasks such as counting cash or setting floats, and in turn reduce the amount of cash loss in your business?
The very nature of a bar – quick, individual and repeat transactions – means that cash is often the preferred method of payment. This means that the volume of cash taken in a bar is often higher than shops or supermarkets. And, the more cash you handle, the more mistakes, inefficiencies and ultimately cash loss.
But, by adopting a more streamlined approach to cash management and by utilizing intelligent cash management technology you can mitigate losses, lessen the burden placed on staff and have better visibility of the cash throughout your business.
What is cash management technology?
Cash management technology is any technology that helps your business manage, count, distribute or audit your cash. This could be in the form of cash counters, intelligent cash drawers / smart tills, cash recyclers, smart safes… the list goes on.
Why your bar needs to invest in cash management technology:
- It makes life easier for you and your employees: Closing out the cash drawers at the end of the day can often be a major stressor for your staff. It’s late, they’ve probably had to stay on past the end of their shift, or they may have other employees waiting around for them to close up and go home. Automating manual counts with intelligent coin and note counters will accelerate the close out process, meaning that staff spend less time reconciling cash drawers at the end of shifts. Plus, with counts automated, mistakes caused by human error are mitigated.
- It can prevent and deter internal theft: Let’s face it. Not everyone is employee of the month material. Internal theft is now the biggest cause of shrink for many businesses, with theft at the point of sale (cash theft) a significant proportion of this. Intelligent cash drawers can identify instances of cash loss in real-time; alerting you to drawer discrepancies, the cashiers responsible, and even the amount taken – even when you’re not on-site – through mobile or email notifications.
- It will reduce cash handling errors: Even your best employees will make mistakes. It happens. Just a momentary lapse in concentration can lead to miscounts or the incorrect amount of change being handed over. There are a number of cash management solutions that will help reduce cash handling errors, from cash counters, to intelligent cash drawers, to smart safes. For that added piece of mind, why not consider a combination of solutions?
- You can get better visibility of your cash: If you want full visibility of your cash as it moves in, around and out of your bar(s), then Cash Office software may be the solution. Set thresholds, alerts and reminders to notify you of key cash movements. Plus by offering detailed audit trails and easy to compile reports, cash office software allows you to analyse trends and identify problem areas.
- Your staff can spend more time where it really matters: Cash management technology won’t just benefit your staff; it’s great for your customers too. Waiting times can be slashed at the bar if cash drawers no longer need to be removed and counted at shift changeover time. Disputes over change can be solved there and then, backed up by hard evidence, if cash drawers know how much they hold in real-time. Plus, with staff being able to spend more time makings sales, rather than stuck in the back office, the ROI means that these clever devices can even pay for themselves.
Which is right for my business?
Honestly, each business is unique. The right solution for you will be determined by your budget, and your ultimate goal. If you want to speed up cash counts so staff can get home on time then an intelligent cash counter would be a great investment. If you want to reduce the losses at the point of sale from cash handling errors then an intelligent cash drawer/smart till could be for you. Or, if you want full visibility of your cash at every stage then Cash Office software could be the solution.
Either way, make sure you choose a robust solution that can stand up to the demands of your fast-paced environment. Ensure sure staff are fully trained in your chosen solution and that it is being used correctly.