Now that we're in the new year, businesses across all sectors are reflecting on the recent seasonal rush. It's a perfect time to review and enhance your cash handling practices, ensuring they are smooth, fast, and efficient for the upcoming year and beyond.
To keep your money safe while maximising profits, it’s important to manage risks well while streamlining your business’s cash flow processes.
These steps can make a big difference in your business’s overall success – and bottom line. But it’s not just about making more money. It’s also about improving how your business works to give excellent service, even when things become chaotic. Ultimately, your goal is to create a loyal customer base who keep returning.
In the following sections, we’ll talk about the best cash handling practices that can put your business in a class of its own.
1. The Ultimate Cash Handling Hack: Embrace Automation to Work Safer & Grow Faster
The first (and arguably most important) practice we recommend is switching from manual cash handling to an automated system. In the digital age, relying solely on traditional cash management methods can hinder your enterprise’s growth. Manual processes are often time-consuming and error-prone, plus they present various security risks.
Investing in end-to-end cash management solutions can dramatically boost your business’s efficiency. That’s because it reduces instances of human error and increases security.
The Deposita range consists of numerous complementary hardware and software solutions. Their primary role is to simplify, secure and improve the cash and payment management experience for all parties: from management to staff and customers.
Our industry-leading products span automated banking machines, cash recyclers, and SmartPOS devices, as well as a state-of-the-art financial software as a service (SaaS) platform. These solutions address cash handling challenges across various sectors and can be customised to suit your business needs.
10 More Cash Handling Best Practices
There are many other options besides using automation technology to help manage cash flow optimally within your business. We’ve identified several additional and equally efficient methods below.
2. Ensure Greater Financial Accuracy with Regular Cash Reconciliation
Daily cash counts and figure comparisons with sales records help you identify discrepancies ASAP. Apart from ensuring accuracy, it prevents more headaches later on when you’ll have to sift through greater volumes of data to find the error. Automation technology does the tedious counting for you, which saves time and money.
3. Combat Pilferage by Providing Secure Cash Storage
Whenever and wherever employees have easy access to business funds, there’s temptation. You want to store all money away in a secure location, such as a cash drawer or safe, while also limiting who has access to it. Cash management devices like those in our Protector range insure funds the moment they’re deposited, preventing significant financial loss.
4. Experience Greater Accountability by Improving Cash Management Protocol
One of the best theft deterrents, besides accurate record keeping, is an extra pair of eyes. If your business lacks the convenience of a Deposita cash management device (which restricts access according to permissions and keeps a detailed transaction record), then opt to have two trusted individuals present during cash handling and counting.
5. Deal with Fewer Errors – Adhere to Set Cash Handling Procedures
Ensure all staff are on the same page about proper cash management policies. The time and money spent on training are more than worth the investment to prevent greater financial losses or time waste in future caused by following inconsistent procedures.
Upon buying a Deposita device, your team receives thorough training on how to get the most out of the new addition.
6. Empower Employees with Instant Access to Cash Handling Policies
New employees get onboarded constantly, and everyone needs the occasional refresher. Have your money management guidelines written down and provide it to all staff responsible for cash handling.
Another benefit of purchasing a Deposita product is that you’ll receive a custom user manual tailored to your device and business particulars.
7. Increase Accountability by Having Cashiers Use Separate Tills
Promote a policy of one dedicated cash register per cashier. By assigning separate tills, you enhance accountability and minimise the risk of accounting errors. This approach prevents the occurrence of cross-contamination and ensures accurate cash handling.
As previously highlighted, Deposita software ensures the traceability of transactions to individual cashiers, holding them accountable for completed transactions. Building on this, the Exchangor Teller facilitates the utilization of multiple cashiers at a single cashier point, streamlining the counting and reconciliation of funds for each client transaction. This enhancement contributes to more efficient shift changes and quicker end-of-day turnaround times.
8. Enhance Safety Through Limited On-Site Funds
Keeping too much money on the premises can become a security risk. Instead of having your business funds sitting idle and possibly getting pilfered, arrange for cash-in-transit (CIT) pickups once you reach a certain limit. After all, cash is safest in the bank, where it can start earning interest.
With a Deposita device, you enjoy the convenience of dynamic CIT scheduling based on the content value or volume of the device. Rest assured that while your funds await pickup, they are securely stored inside the device, comparable to the bank!
9. Guarantee Procedural Compliance and Financial Accuracy by Conducting Regular Audits
It’s always a good idea to carry out audits from time to time. Doing so helps you identify problem areas – such as where staff aren’t following set cash handling protocols. If your team lacks the resources to do these audits themselves, look to an external auditor for an unbiased review.
If you own a Deposita cash management machine, you have 24/7 access to the device’s transaction history and can download reports with the click of a button, greatly simplifying the audit process.
10. Deter Theft with Sharpened Up Security
If you do keep significant amounts of cash on the premises, it’s a good idea to sharpen up your enterprise’s security features. Have surveillance cameras, an alarm system, and even a smart safe installed if you haven’t already. Combating unauthorised access should be among your main priorities.
Deposita devices, including our Protector range, come with 24-hour on-site monitoring and a tamper notification to ensure you’re always aware of what’s going on at your business.
Consult the Cash Handling Experts to Discover Your Ideal Business Solution
By adhering to cash-handling best practices, your enterprise can substantially increase its overall efficiency and reduce or even eliminate risks. To prevent future end-of-year (or year-round!) chaos, review your cash management policies and consider investing in a comprehensive solution.
Get in touch with Deposita today to discuss your unique cash management requirements. We’re dedicated to assisting businesses like yours in optimising their cash handling processes. Our range of smart, connected hardware and software simplifies, secures, and enhances your cash and payment management experience. Allow us to help you do more with what’s yours.
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