Cash is the engine that runs your business; you use it to fuel growth, buy new stock, and invest in your employees. But when you’re focusing on the nuts and bolts of running a company, it can be difficult to give the right amount of thought and energy to cash management.
Thanks to technology, the days of counting every dollar and penny manually and logging it by hand are behind us, but that doesn’t mean there isn’t room to introduce some best practices to your cash handling process.
If your cash management process needs to be more efficient yet still practical, here are eight best practices to introduce to your operations.
1. Take the Time to Train Employees
Your employees are the front line of your business, from building customer relationships to accepting payments. If you take the time to train them and introduce secure cash management practices, employees can prevent issues before they happen. From how to identify counterfeit bills to how to properly use point-of-sale and other cash management systems, investing in proactive controls can pay off many times over.
2. Invest in Smart Safes
Smart safes are a great way to blend the security of traditional safes with the technology of today. These devices can detect counterfeit cash and automatically validate transactions. Not only that, but they also integrate with cash management solutions to provide detailed insights into your cash levels over time and by site.
3. Implement a Strong Point-of-Sale System
Cash first comes into your business via the point-of-sale system, so having a solution that enhances your overall cash management process encourages consistency throughout the lifecycle. Some new solutions automate the cash handling process, offer paperless receipts, and automatically communicate with other systems like cash recyclers and logging tools.
4. Have a Consistent Schedule
Having a consistent schedule is another way to add structure to your cash management while also making sure it gets the attention it deserves. By having a routine of closing out registers at the end of each shift; making deposits on specific, set days; and checking balances at set times, you can make sure the necessary tasks get done and then move on to other activities.
5. Have Checks and Balances
Puns aside, the tasks of closing out registers, counting cash, making deposits, and updating the books should all be done by different staff. By doing so, more employees are playing a role in the process, and they, in turn, help introduce additional layers of accountability. Spreading the responsibilities out can also ease the pressure for all those involved.
6. Leave a Paper Trail
Fortunately, with digital tools available, the trail doesn’t have to be physical paper, but the elements of documentation and logging are still relevant to modern cash handling. Logging when and where you receive cash and make deposits and who has access to your money can help set a tone that sound cash handling is a priority in your business. This data can also be used to investigate anomalies or inform decisions.
7. Keep Enough Staff on the Clock
Multitasking is difficult in any environment, especially in a retail setting. Set your employees up for success by making sure enough of them are on the sales floor to deal with customers, monitor inventory, and handle the register.
8. Upgrade Your Cash Recycling Solution
Cash recyclers aren’t just for bank branches and big retailers anymore. These end-to-end methods of securing, validating, and automating your cash flow can easily boost staff productivity, tighten cash controls, and introduce additional efficiency to your operations.
The Bottom Line
While cash isn’t necessarily still king, managing cash flow is still a vital—and daily—part of your business. By implementing these best practices, you can boost your business operations while keeping your cash securely flowing.
To learn more about how your business can implement these practices or to find the right smart safe or cash recycling solution for your needs, contact the team at Burroughs here.