Lord Stow’s Bakery, a veritable tourist attraction in Macau and renowned across Asia for its signature Lord Stow’s egg tarts, is a prime example of a popular, busy, well-managed company looking for further efficiencies in its cash management procedures.
On a daily basis, the volume of cash transacted in their busiest locations required multiple cash counts throughout the day and was labour and time-intensive. In addition to the Macau peso, Chinese RMB and Hong Kong dollars are also widely accepted as payment. Each currency, therefore, had to be separated first, adding another layer of work to the manual count.
Eileen Stow, the Chief Executive, wanted to free up staff to focus more on delivering high quality customer service by investigating ways to make cash handling easier for staff and more efficient for the business.
To understand how it could fit into her business, Eileen invited Cashmaster to demonstrate the capabilities of the Cashmaster One device. The technology proved to be fast, simple and highly accurate; it could also be calibrated to handle multiple currencies. Recognising the potential advantages to her business, Eileen requested an in-store pilot.
The Pilot Program
The pilot in June 2017 allowed Cashmaster to observe the normal cashing-up and security processes, and to make any adjustments to improve the system using the Cashmaster One device. The requirements were not complex but the trial results showed that the desired efficiencies could be achieved.
With a solution that was focused on her business needs, Eileen Stow decided to install a Cashmaster One Max device with integrated printer in her two busiest outlets and a further One Max in her office. In-store training was completed quickly without disruption to the business and staff were able to start using the devices immediately.
Time savings were immediate and significant, especially during the end-of-day cashing-up process.
"Each store saves almost an hour a day counting cash, but more importantly, the new system has removed from staff the stress of having to do a manual cash count and freed up their time to provide better customer service. Furthermore, printed reports at the end of each till count provide a reliable audit trail.
Lord Stow is now about to trial Cashmaster Connect, a software application that downloads the cash count data from the Cashmaster devices into Excel or CSV format, which can then be forwarded to the head office, which should result in most manual processes being eliminated.
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