Handling and processing cash costs retailers money. This post looks at some of the ways automated cash management can help cut costs through more efficient and secure processes.
1. Reducing the Cost of Inefficiency
The combined effect of dedicating time and resources to the manual handling, processing and securing of cash is costly because it is so inefficient.
Automated cash management cuts the time spent working with cash, reduces the number of cash-related procedures and limits the number of people required to be involved in cash processes.
2. Reducing the Cost of Counting Errors
Counting cash manually is time-consuming and prone to inaccuracy as well as being a security risk.
Automated cash management effectively eliminates cash differences altogether. Retailers always know how much cash is where and reconciliation is instant.
3. Reducing the Cost of Time and Resources
Manual counting involves a high level of staff and managerial involvement in cash processes, particularly when errors need to be tracked and reconciled.
Cash management systems automate all the functions of the cash office, from preparation of floats to counting back at the end of the business day, giving staff more time to focus on the customer.
Cashiers can adopt a more sales-oriented role and a manager’s time can be spent on activities more valuable to the business than counting and re-counting cash.
4. Reducing the Cost of Holding Cash
Having cash on site is a security risk. If a store is a target for robbers, then there is a threat to staff and to customers.
Automated cash management minimises the threat of robbery, makes retaining and hiring staff easier, and improves the customer experience.