How to Find the Right Cash Management System [Free Comparison Guide]

Rob Suddaby
Posted by Rob Suddaby
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When it comes to the management of cash processes, there are several alternatives available to retailers, each with its own pros and cons.

Shops owners have five main options for dealing with cash in their stores. For a full list of the advantages and disadvantages of each one, download the Comparison Guide for Cash Management Systems.

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1) Closed Cash Management

A completely automated system from front to back office which keeps cash locked away for the duration of its lifecycle in a store.

 

PRO

 

Big impact on cash process efficiency


 

As well as the obvious security benefits, other advantages include the elimination of cash differences, automatic reconciliation and the utilisation of staff for jobs other than counting cash.

2) Back-Office Recycling

A cash-in and cash-out machine in the back office.

 

PRO

 

Money deposited and dispensed in a secure area

 

Back-office cash recycling automatically dispenses floats in the morning. Daily takings are then recycled into the coming day’s float and any overflow is picked up by CIT.

3) Back-Office Deposit

A cash-in safe in the back office.

 

PRO

 

Controlled access to safe and deposit area

 

A back-office deposit system allows daily takings to be deposited into a secure safe which only authorised individuals can access.

4) Front-Office Deposit

Cash-in payment stations at the tills or checkouts.

 

PRO

 

Cash automatically authenticated

 

Cash is securely stored away on payment and at the end of the day, the cashier removes the takings and carries them to the back office to be manually counted.

5) Manual Cash Handling

Completely manual handling and processing of cash in the front and back office.

 

CON

 

High risk of cash differences

 

Staff prepare the cash mix for each till before the store opens, skim throughout the day, and count the cash by hand at the close of business.

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