Whether you’ve been in business for years or just got started, remaining on top of everything that needs to happen can be taxing. Thankfully, tried-and-tested systems, along with automation technology, make achieving this far simpler than it was in the past.

At Deposita, we’ve always been advocates of working smarter, not harder. If you can achieve the same results in half the time or with fewer resources, embrace it. Don’t let pride stop you from adopting more efficient strategies. It could mean the difference between surviving and thriving.

This is especially true when it comes to cash flow management. Handled inefficiently, it leads to information gaps, enterprise-wide confusion, and ultimately a business’ downfall. Optimised systems and adopting a tech-forward attitude will see you remain on top of finances with ease, and save time, money, and resources better spent elsewhere.

Deposita’s Top 5 Best Practices for Healthy Cash Flow Management

Learning from the experiences of others can prevent common yet costly pitfalls in cash flow management. Below, we outline five best practices, identified by industry experts, to boost not only your business’ financial health, but also enhance employee satisfaction and security. Implementing these practices helps address challenges in your entrepreneurial journey, ensuring long-term organisational health and success.

1. Use Technology to Your Advantage

Manual processes and procedures still have their place, but that place certainly isn’t in cash flow management anymore. Welcoming automation by investing in up-to-date cash management technology comes with a host of benefits, such as:

• Reducing overhead costs resulting from cash-up and financial administration duties.
• Freeing employees’ schedules of tedious tasks like the aforementioned cash-up duties, giving them the opportunity to focus on more valuable tasks (think customer satisfaction).
• Increasing financial accuracy – because humans are just that: human. We make calculation mistakes, pick up two bills instead of one, or even misplace money. World-class cash management devices and software put an end to these errors.
  

  
  
  Did you know that Deposita’s cash management solutions consist of three distinct device ranges and one software as a service (SaaS) family of tools?

  
  

  Where our Protector automated banking machines take care of all your deposit needs, our Exchangors specialise in cash recycling, and the Accelerators encourage self-service checkouts.

  
  

  Finally, Connector serves as our comprehensive financial transaction platform and is included with each device.

   

  2. Set Your Employees Up for Success
  
  

  Once you’ve decided on a new cash flow management process or even a device, you’ll need to ensure your staff can confidently use either for the best results possible. When the people who need to use these resources daily lack an understanding of why and how to do so properly, your business won’t be better off than before.

  Acquiring a Deposita device offers you access to so much more than just the device itself. Your staff will not onlyreceive comprehensive training on its use, but we also provide customised operations manuals. And, if you ever need clarification or assistance regarding your device, you can contact our support team any time, day or night, 365 days a year.
  
  
  
  
  
  

3. Review Your Financial Data Regularly as Part of Cash Flow Management

Arguably, one of the most vital aspects of cash flow management is the frequent review of transaction data. Doing so helps you identify potential discrepancies, accounting errors, and losses as soon as possible. Only realising that something is amiss days or weeks after an incident makes rectifying the issue much harder.

Cash management devices are huge game-changers in this respect. Since they process transactions and count money far more accurately than employees, they eliminate human error. And, for the ultimate peace of mind, you can review your cash flow data or download reports at any time and from anywhere if your device is powered by an advanced SaaS platform like Connector.

4. Eliminate Temptation with Secure Cash Storage

Regularly handling money can create opportunities for mismanagement. In fact, it should come as no surprise that pilferage and theft are common risks faced by businesses across sectors. Addressing cash safety risks will typically involve increasing enterprise-wide security, which quickly becomes a costly affair.

The best way to secure your capital is by looking into a smart safe such as our Protector 10 000 d-s6.  It comes with several security features that put a stop to opportunistic financial crimes, including:

• Traceable cash containers
• Biometric, touchscreen, or card user access
• 24/7 on-site visibility
• Tamper notification

Once money enters the device, it remains under lock and key until cash-in-transit services collect and transport the funds to the bank.

5. Steer Clear of One-Size-Fits-Most Cash Flow Management Solutions

Every business is unique and faces different challenges. What works well for one, won’t necessarily for another – even when the solution sounds good in theory. To truly enjoy improved cash flow management, your organisation needs a customised answer.

At Deposita, we take great pride in offering our customers personalised devices that address their particular cash management needs. Our team is always ready to help you identify your ideal device or advise you on customisation options to enhance your results.

Simplified, Streamlined Cash Flow Management Is Now Within Reach

By implementing the best practices mentioned above, your business should see a significant improvement in the accuracy, safety, and ease of its cash flow management processes.

Expert Advice Is Only a Click Away

If you’re interested in learning more about one of our devices, tailored to your needs, get in touch today. Our team looks forward to helping you Do More With What’s Yours.