Counting and processing cash by hand is not only a security risk, but is also prone to costly errors. Here are the major drawbacks retailers experience with manual cash handling.
1. The risk of cash differences is high
2. Cash counting and reconciliation is expensive in terms of time and resource
3. Counting errors are difficult and costly to track
4. There is a high level of staff and managerial involvement in cash processes
5. The risk of internal theft and fraud is high
6. The risk of in-store robbery is high
7. Retail managers have no online overview of in-store cash levels
8. CIT collections have to be made according to a planned schedule regardless of cash levels
What Are the Alternatives?
There are several options available to retailers who want to automate their cash management processes.
There are pros and cons associated with each alternative so it is best to weigh these up before choosing the most suitable solution.