Cashmaster Technology: The Simple Solution to Complex Cash Counting.
Poundland started trading in 1990 and was an immediate success. Their unique concept of offering all products for the same price of £1 represented excellent value for money, which generated high sales, with 80% of the takings in cash. However, as rapidly as the business expanded, so their high cash turnover at point of sale increasingly threatened to impede the operational efficiency of the national retailer and strangle growth.
A solution was required. Poundland needed to ensure that their tills were counted as quickly and accurately as possible.
Cashmaster cash-handling solution and integration
Today Poundland has 500+ stores nationwide. Cashmaster machines in each store ensure time isn't wasted on till counts and reconciling daily takings. Working closely to review Poundland's in-house systems and procedures, Cashmaster provided a service that allowed the cash counting machines to work seamlessly alongside, and in conjuction with, Poundland's own data systems.
Neil Duckworth, Poundland's Senior Buyer explained:
"The use of Cashmaster units replaces the need to count the money at our store by hand. The units are also integrated with our in-house Cash Management System allowing direct information on the day’s trading. This also 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 Reduction of Cash Loss
With an average of six tills per store and at least two 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 25 weeks.
Cashmaster's customer support
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".