During a US labor crisis and increased operating costs impacting bottom line performance, particularly for retail and hospitality businesses, now is the time to ask yourself “what is shrinkage?” and how you can address it within your business with a Cashmaster money counter.
First of all, it’s worthwhile answering the question “what is shrinkage?”. According to Indeed, shrinkage is business loss (from anything from products to physical cash) resulting from the following factors:
- Employee theft
- Return Fraud
- Administrative error
- Vendor fraud
- Operational Loss
- Cashier error
According to the source, shrinkage is a huge problem for retailers as it results in a loss of inventory which ultimately results in a loss of profit.
In today’s piece, we will be focusing on cashier errors - in particular how businesses can ensure that a reliable financial record is kept of cash takings to be used as a reference point when ensuring the minimization of shrinkage.
How Can A Money Counter Help Reduce Shrinkage?
A Cashmaster money-counting machine is a fantastic solution to have in any business that accepts cash, especially if shrinkage is an issue you are either considering or struggling to address at the point of sale.
With an accurate, fast and reliable money-counting machine, your cashiers will be able to generate a reliable and accurate account of cash-takings from each register at any point during the day.
What’s more, is that you can receive high-level and individual staff accountability. Each time a cash register is counted or audited, it can be directly attributable to an employee login, giving you enhanced visibility of when shrinkage occurs, and who may be responsible.
Oh, did we mention that a Cashmaster device also cuts down time spent counting cash from an average of 8-10 minutes counting by hand to less than 60 seconds? You can view that by clicking here!
Book A Free Trial Of A Cashmaster Money Counting Machine
We hope we were able to bring clarity to the often misunderstood “what is shrinkage?” question. It’s an expansive topic, so please be assured that our team are on-hand to answer any questions you may have relating to the unique problems your business faces, and how efficient and accurate cash management processes can be achieved through the use of a Cashmaster One device!
- Click here to book a free trial of a Cashmaster one solution for your business. If we can’t generate a return on investment for your business, you don’t pay a single cent!
- Click here to use our instant time and money-saving calculator to find out just how much a Cashmaster device could benefit your business.