Cash handling is an important part of any business. Not having a procedure in place for proper cash handling can cause a lot of profit loss. It can also increase employee theft and disorganization. Businesses should have, minimally the following cash handling procedures in place when handling large amounts of cash.
An updated point of sale system
A point of sale system is the best way to track income and reduce theft. When you rely on a single cash register, it can be impossible to track how much is supposed to be in there. Employees can accept cash, without ringing it in. They can also pocket cash from sold products. A point of sale system tracks everything and makes it impossible to sell items that are not accounted for. Some smaller businesses may be hesitant to pay the monthly costs of a point of sale system, but the amount of money saved over the long term usually makes it worth the cost.
In store cash counters
Sometimes, employees can make costly mistakes that are not even intentional. A currency counting machine is a machine that counts money, either stacks of banknotes or loose collections of coins. These cash counters are helpful for end of night counts. Efficient counting can be affected by human error and could result in thousands of dollars lost, over the course of a year. Additionally, you will find that using cash register counters will save you time, which also translates to cost savings.
Businesses today see more checks and debit cards than cash. The problem with accepting checks is that you cannot check the funds in real time. Accepting too many checks that do not have sufficient funds to cover them can put a significant strain on a business, especially a small business. Cheque or check scanners can run real time information on a bank account, ensuring that the funds are available. This is a great way to cut down on bad checks if your business is currently receiving a lot of them.
On site ATM machines
On site ATM machines may seem like a wasted cost, especially since so many customers today use their debit and credit cards to make purchases. However, installing an on site ATM into your business will not only ensure that customers always have cash but can reduce the transaction fees often associated with multiple debit card purchases. ATM machines and cash recycling systems are a great alternative to cheque or check scanning systems. However, if you are going to accept deposits from the ATM, make sure you have a system that accurately counts the bills and coins. In some modern automated teller machines, currency counters allow for cash deposits without envelopes, since they can identify which bills have been inserted instead of just how many. This advanced system can reduce error and customer complaints.
In store camera and security systems
A single theft can put a serious strain on a smaller business. If your business handles a lot of cash, cheque or checks, it is crucial to have an in store camera and security system. If a theft or break in occurs, you can go back to the cameras and see who was responsible. The alarm system will also reduce the chance of theft by deterring criminals. If you want to properly protect your cheque or check systems, install an alarm system into your business.
Cash handling and money counting are one of the most timely, and important tasks of a business. Cash counting machines allow a business to maintain 100% accuracy for cash transactions. Cameras and point of sale systems reduce theft, both from the inside and the outside. Cheque or check machines allow business owners to make check deposits throughout the day, ensuring proper funds. These cash counting techniques will help you control your income and properly track it.