We Don’t Deal with Enough Cash for That – Or Do We?

Cashless payment methods have had an accelerated growth in the last 2 years, and even though cash is bouncing back it probably won’t be the same in many countries.

Many governments are safeguarding cash, knowing how important it is for a large number of people to use in their everyday life. And although stores attempted to go cashless with signs that say, “CREDIT CARDS ONLY, MOBILE PAYMENT ONLY,” there are still plenty of times we encounter signs that say, “card system or internet down, cash only.”

Cash usage has picked up recently, but it can vary greatly by region, type of business or even just between the shops down the road.

Now as business owner you may ask yourself: “If I don’t take in a lot of cash, why should I care about it?” The simple answer, it’s eating into your profits. The cold hard truth is that even if you don’t take a lot of cash, you still need to manage your cash process. So, I’d like to point out how important it is to manage any intakes including cash, regardless of the quantity.

Let’s start by asking these simple questions:
  • Is my way of cash handling out of date and/or open to human error?
  • How much time could I save by tweaking my process a little and how much could that save me in money and time within 6 months?
  • Do you have a set or variable float in your tills?
  • How often do you need to bank your money or order change?
  • Do you have methods and processes in place that hold your employees accountable?
  • Do you think that since you already have a friction counter in place, you have your cash process buttoned up with no need to revisit?
  • Do you have the ability to monitor your cash activities and media payments within your sites?
With those questions in mind, let’s take a look at how the lack of good cash management can negatively affect your business and bottom line:
  • You could face high bank error fees because your deposits don’t match your deposit records.
  • You and your team could loose valuable time throughout the day reconciling tills, preparing floats or bank deposits. By the end of the day you end up stressed because you have to take overtime to balance the cash and make sure all numbers are correct. And what about the time wasted now that you haven’t been able to do your daily tasks and promote more sales in store and strengthen customer relationships?
  • If there is no solution in place or one that has many loopholes, some employees may think they get away with taking cash out of the drawer or safe. Watch that your trustworthy employees don’t end up being blamed, they may walk.
  • Without audit trails, accountability, and traceability, finding the actual source of cash loss could take a long time. Sometimes it’s not even worth investigating certain amounts given the time needed to research.

You see, it’s not just about how much cash you take in. Thinking it’s not worth managing can lead to losing it one way or another.

Many companies that use money counters and cash management solutions love the time it saves them and the business. Once it’s in place, shrinkage becomes nearly non-existent, and the solutions usually pay for themselves in a matter of months.

Could you benefit from a swift solution for cash handling that allows your employees to dedicate more time to other valuable tasks within the business such as supervision and management of stock and customer service? See what our customers have to say! 


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