How to reduce the loss of time and money within Cash Management.
As a business, accepting and thereby having to manage cash is virtually unavoidable. Your customers demand a wide variety of payment options, and cash is still king. In order to please your customers, you must allow them to pay with physical bills and coins.
Unfortunately, though, this customer mindedness comes with hassles and headaches, due to the labor-intensive process of managing cash. The average retailer must commit approximately 15 hours per day on cash management, while national retailers must spend twice as much time on counting, sorting, reconciling, and balancing cash from the front end to the back. Cash is managed by multiple people, multiple times a day during regular daily activities. Cashiers must process transactions, managers must make vault and bank drops, and cash room employees must reconcile the day’s profits and the cashiers’ floats.
All of this time translates into excessive labor costs. And on top of this, you can lose out on more money due to counterfeit fraud, internal theft, administrative errors, and even robbery. Retail cash management is time consuming and costly. But it doesn’t have to be – and here is why:
When you automate your retail cash management and invest in the proper cash management solutions, you’ll save time and money, and in turn, you’ll enhance your profitability.
Savings on Labor
The biggest part of the ROI you will realize by automating Retail Cash Management is through a reduction in labor. When cash management solutions automatically handle the cash handling activities that previously had to be done by hand, labor cost can be decreased dramatically. The process will be automated through cash management solutions that can count, sort, balance, and reconcile cash; accept and dispense floats and report to you, the head cashier and HQ via an online platform.
Finally, your staff will have more time to focus on serving well and fast your customers, and you will have peace of mind in managing your business.
Reduction of Administrative Errors
Unfortunately, no matter how skilled or experienced your employees are at handling cash, it is inevitable that they are going to make errors when managing cash manually. They might give back customers too much change, transpose numbers while reporting profits or miscount your cash.
Human errors do not have to be an inevitability in Cash Management, if processes become more automated.
Reduce the Risk
There are two main dimensions to robberies – the internal theft that occurs frequently within retail and actually surpasses shoplifting as the number one cause of shrinkage and robberies that are not only dangerous, but also can directly influence your profits. Furthermore, using cash management solutions equipped with counterfeit detection technology can ensure that you don’t lose out due to fake bills.
The automation of your processes with Cash Management Solutions can increase your security levels – for internal and external protection – keeping your cash safe.
Time for an Adventure
Saving time and money by automating the Cash Management process, additionally gives you more time to focus on your customer. If you would like to know more about that and discuss your possibilities with our experts, we would very much like to welcome you at the EuroShop Event (05.-09. March in Duesseldorf, Germany) - We think it is “Time for an Adventure” – are you ready?