Retailers are having to dedicate more time and resource to managing cash than ever before — which is proving costly to their business.
Taking care of cash processes occupies shop staff before the start of business, during the day and after opening hours with tasks such as float preparation, till skimming and reconciliation.
This is hurting retailers for a number of reasons ranging from the cost of cash-counting errors to the risk of internal theft and in-store robbery.
The Pain of Manual Cash Handling
Operating a completely manual cash handling process in the front and back office is the least efficient and highest risk option available to retailers.
Achieving Cash Management Efficiency
There are multiple types of cost for retailers involved with processing cash but these can be reduced.
Automated cash management cuts the time spent working with cash, lessens the number of cash-related procedures and limits the number of people required to be involved in cash processes.
Staff no longer need to focus purely on the cash transaction
Closed cash management, for example, is a method of combining front and back office systems which removes the necessity for cash to be handled manually by shop staff.
As well as the obvious security benefits, advantages include the elimination of cash differences, automatic reconciliation and the refocusing of resources on more value-driven activities.