The simple solution to cash counting
Poundland started trading in 1990 and was an immediate success. Their unique concept of offering all products for £1 represented excellent value for money, which generated high sales, with 80% of these takings in cash. However, as rapidly as the business expanded, so their high cash turnover at the tills increasingly threatened to impede their operational efficiency and strangle growth.
A solution was required. Poundland needed to ensure that their tills were counted as quickly and accurately as possible.
Cash handling and integration
Today Poundland has 500+ stores nationwide. There are Cashmaster machines in every store to ensure time isn't wasted on till counts and reconciling daily takings. Cashmaster worked closely with Poundland management to review its in-house systems and procedures, and to use this data to configure the cash counting devices to integrate seamlessly into their cash handling process.
Poundland's Senior Buyer explained:
"The use of Cashmaster units replaced the need to count the money by hand in our stores. The units also integrate with our in-house Cash Management System allowing direct information on the day’s trading. This lets staff focus on more important tasks such as retail processes and customer service. And with the cash counting machines connected to the PC, the takings can be instantly reconciled without having to upgrade or modify our existing systems".
Savings in time and profit
With an average of 6 tills per store and at least 2 cash counts throughout the day, Poundland saves approximately 150 hours per day nationwide using Cashmaster's counting machines compared to manual counts. This has saved time, profit and the possibility of cash loss from theft or error. This equates to over £300,000 recurring annual savings to business and a Return On Investment in just 24 weeks.
Neil credited Cashmaster's customer support team by stating:
"We allow our sites to contact the support service directly. Overall I believe the service adds value to Poundland's IT service offering, as the users have direct access to product specialists throughout Cashmaster. I would recommend a Cashmaster consultation to any business that has a necessity or requirement to count cash".
An Assistant Store Manager stated:
"It saves time! Our customers mainly deal with cash so we have a lot of cash to count. We count in the back office throughout the day, so there is a great need for a Cashmaster cash counting machine. The Sigma 170 is integrated into our own management system so it provides instant reconciliation reports".
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