The handling and management of cash have always been a big part of any retail organization and your employees’ daily tasks. However, more so than often, this comes with its own problems. In busy retail environments, the threat of cash loss is a crucial concern for loss prevention teams and the wider business.
Protecting your store's profits from theft, miscounts, and human error is a primary goal, and inefficient and inconsistent cash handling procedures can play a big part in making your business vulnerable to cash loss. Automating this process can significantly reduce this risk.
With cash loss costing US retail businesses over $60 billion per year in lost profits, can your business afford not to deploy a modern cash management solution?
Investing in a cost-effective cash management solution doesn’t always have to break the bank and can be a quick win for your team and the wider business. The impact of having a robust solution is almost immediate and can provide payback within a matter of weeks!
So, where are some areas of opportunity to optimize in-store cash handling?
Inconsistent Processes & Lack of Cash Visibility
With rapid growth and multiple locations, it is quite common for stores to evolve their own cash management procedures, making it a real challenge for you to accurately track cash flow and loss trends across the business. Without constant auditing and labor-intensive record keeping, it can also be challenging to get a detailed picture of what is happening in individual stores. Cashmaster One allows you to deploy a consistent process of managing in-store cash and provides store and employee data to increase cash visibility in your designated stores.
With so many daily tasks for your store managers, such as managing employees, and suppliers, dealing with customers, and carrying out all of the admin-related tasks associated with their role, it doesn’t leave much time or focus for other tasks such as counting cash at the end of shift. And they are probably a little burnt out by the time the store closes. Although they might think they have reconciled their registers with 100% accuracy, one study found that on average, over 16% of loss comes from manual human errors.
With such errors quickly being picked up by the banks when your deposit reaches the vault, deposit correction fees can begin to amount up! Could you be saving time and money by making sure your count data is accurate on the first go? If the answer is yes, it might be worth considering a cash management solution that incorporates a deposit preparation solution. You can read more about our integration options here.
Lack of Employee Accountability
It’s the end of a long busy shift; the last thing your employees want to be doing is recounting their cash registers because they think they may have miscounted $10 here or there. $10 here or there can start to add up when you have multiple locations and multiple registers and counts! Putting the accountability back on your employees by adding employee ID numbers to your cash count records can drive accountability and help ensure your count data is as accurate as possible. In our experience, this increased focus will positively impact your bottom line.
How can Cashmaster help?
Counting cash without automation technology is a laborious and time-consuming task, meaning extra hours are needed to ensure this gets done. With more hours comes increased labor costs, which in turn negatively impact your bottom line.
Cashmaster One, with its integrated printer, can help provide an automated solution for in-store cash management and can significantly reduce, if not completely remove, all of the issues discussed above.
Streamlining your solution can decrease loss, reduce overheads, improve your bottom line, and can see a quick win for your business and team. Most of our customers begin seeing an ROI after only a few weeks of using our easy-to-use solution.
If you would like to find out more, or you would like to be shown a demo of the solution, you can get in touch with our Product Team.
We will also be attending NRF Protect 2022 in Cleveland this month and would love to see you there! Feel free to swing by booth 4020 and say hello!