Small business, big return
The community loves your business. Your closest friends were your first customers. Small businesses are the core of the community but more often than not these days, “Going out of business” signs appear in the storefront.
Small businesses benefit the community but represent a lot of hard work for their owners. A small business is often a labor of love and one downside is the seemingly endless expenses, but more particularly, unnecessary expenses. Cash management is one of those expenses that doesn't need to be so expensive.
The procedures around cash are necessary to ensure accuracy and accountability. Practices like counting cash multiple times, dual control and verifying totals in a software system are all best practices around cash management. But manual cash management perpetuates two problems:
- Counting cash takes time… time that could be better spent focusing on customers.
- Manual cash processes don't eliminate cash shrinkage associated with accidental or intentional counting and entry errors.
Your most valuable employees are responsible for the day-to-day operations of the business. But because counting cash takes so much time, staffing a small business becomes difficult and expensive.
So, how can cash automation devices lower the costs of cash?
Reduce the time spent preparing and reconciling tills
Preparing tills at the start of the day usually requires a supervisor or manager. And end-of-day reconciling ties up both managers and cashiers. That's a lot of valuable time. Cash automation devices allow cashiers to prepare their own tills and act as a second control for dual control processes. That frees up supervisors to focus on managing the business, not the cash.
Automate deposit preparation
By authenticating, counting and storing notes, cash automation devices can prepare multi-currency deposits without sacrificing float money. It saves time and helps you accurately forecast your cash position for servicing customers.
Track and store cash inventory securely
Cash automation devices can separate lower denomination bills from larger denominations and store all the notes while streamlining cash inventory tracking and storage. That means you can recycle lower denomination bills for continuous use in the store.
Eliminate manual errors
Cash recyclers authenticate bills as they're counted while removing counterfeit or suspect cash from inventory. The device keeps an electronic record of all transactions and can connect to other store systems for accounting visibility.
Increase revenue with customer focus
Your staff enjoys getting to know your customers. But if they're distracted by cash management or busy with cash procedures, they're not making those connections with customers. Cash automation takes care of the cash so your staff can take care of your customers.
Enjoy provisional credit
Reduce the risk and expense of transporting exposed cash to the bank for deposit. Financial Institutions provide provisional credit for funds designated for deposit. The funds remain in secured storage and on-site, reducing armored car expenses and employee trips to the bank.
Reduce coin expenses
Purchasing coin from the bank often requires businesses to purchase boxes of rolled coin. Transferring rolled coin is heavy, expensive and often time consuming. Recycling coin can help alleviate the need to buy more coin than is actually needed and allows the business to keep funds for other, important uses.
When you use cash automation to streamline the way your business handles money, you can relieve yourself of unnecessary headaches. Controlling operational costs can be the difference between struggling or profitability. And getting cash under control gives you more time to spend engaging customers and making sure your business remains a vital part of your community.