Are you looking for a electronic coin sorter and counter? Perhaps you’re rolling your eyes because you think an electronic coin sorter and counter would be a waste of money. Maybe that’s the case, but more likely, an electronic coin sorter and counter will make your business operate more efficiently by approximately a metric ton (that is not a money-back guarantee, as efficiency is not measured in metric tons. Plus metric tons aren’t a thing.). However, back to all the reasons that you should use currency counter machines for managing coins. Check out our list of benefits, below:
Four Benefits of Using an Electronic Coin Sorter and Counter
- Reduce manpower costs.
We get it; the price of coin counter and sorter machines might be a real buzzkill. But it’s a capital cost. When you pay for your coin counter, you get an asset in exchange, so in some ways you keep the equity in your business. On the other hand, the cost of managing your coins current (paying an employee to sort, count, wrap, and manage your coins by hand) is an Operations and Maintenance cost. The money you spend to the manpower to manage your coins doesn’t add any value to your business.
For the upfront cost of paying a coin management system to take over the current manual process you use for managing coins, your reduce the ongoing costs of paying a human to do it. That actually saves you money in the long run.
- Focus on strategic-oriented work.
Managing the coins that flows through your business is dull work. So dull, in fact, that that machine can do it without any compromise in the quality of the output. However, what you cannot pay a machine to do for you is dream up ideas that will expand your business. You can’t acquire a machine that will figure out marketing ideas that will bring more customers through your doors. There’s no such thing as a machine that will look at your business processes and find ways that you can reduce costs and run more efficiently.
When you stop wasting precious time and effort doing things that a machine can do for you (actually better than a human can for that matter, but we’ll talk about that in a minute), you can use the energy to focus on things that make your company better. This puts money in your pocket.
- Reduce human error and improve cash security.
Another problem with managing your coins manually is it makes you very vulnerable to loss. If you have an unsavory employee handling your coins, they may figure no one is the wiser if a few rolls of quarters goes missing. After a while, that cash really adds up. While entrusting your coin management in the hands of a human who can make use of the coins themselves might make you vulnerable to embezzlement, an electronic coin sorter and counter has no interest in pocketing any of your coins. There is a zero percent coin stealing president among electronic coin counters.
Even if your staff is utterly trust-worthy, or if you actually manage your coins yourself, anything that is managed by humans has the potential for human error. Those counting mistakes could lead to accounting issues that are a hassle to sort out, or worse. When you use an electronic coin sorter and counter instead, the room for human error is zippity zero.
- Improved reporting.
Being able access cash reports in real time is a huge benefit of having an electronic coin sorter and counter. Your electronic coin sorter and counter will be able to calculate how much money has come through, in what denominations, and so forth. This information is extremely valuable in making strategic decisions on the go.
When you are processing your coins by hand, the best case scenario involves reporting what you’ve received during drop at the end of the shift. This means you don’t really have eyes on the quantity of bills and coins you have on hand until the end of the shift, at best. The added reporting that an electronic coin sorter and counter offers is a huge benefit of them.
Do you have any questions or comments about using an electronic coin sorter and counter? Please share in the comment section below.