Blog Post

Own a Business? How You Make Cash Control a Priority

  • By Admin
  • 10 Sep, 2019

Any business that takes in significant amounts of cash must maintain good control of that cash.

If you want your business or enterprise to successfully control and handle its cash, the solutions must begin with you. How can you, as an owner or manager, encourage best practices with cash? Here are four things to start doing now.

Lead By Example

First and foremost, you cannot expect employees or volunteers to do something you're not willing to do yourself. If employees see that you don't take cash control seriously, you may not be able to expect them to take it seriously. If, on the other hand, you do your best to respect the procedure and your own rules, they are more likely to be diligent as well.

Seriously consider whether you follow best practices yourself when dealing with money. If you accept cash during a transaction, do your employees see you take the time to immediately write a receipt? Do you ensure that another employee is around when you count or transport cash? Do you put cash in the safe or deposit it as soon as possible? Make sure you handle money responsibly.

Give People the Tools

Give everyone around the cash the tools to do their jobs correctly. Do you have modern, functional cash register systems? Are employees properly trained in how to use them? Do you utilize technology, such as a cash counting machine, to ensure accurate counts at all times?

The proper tools might also mean assigning additional personnel at busy times where a lot of money changes hands. If staff is overwhelmed by customers or overworked, they are much more likely to be lax about proper procedures. When presented with customer needs, most people will prioritize these over rules and procedures. How, then, can you help everyone have time and space for good cash management?

Write Down Procedures

Make your cash control system clear for all by writing it down and distributing to everyone who may be affected. Some things - like depositing cash as soon as feasible - may seem obvious, but never assume that everyone thinks alike or has the same expectations.

When you write a policy, be as specific as is reasonable. Specific rules help build consistency - and consistency is key to good cash control. Instead of simply stating that cash should be deposited as soon as feasible, for example, you might stipulate that cash should be deposited at the close of each business day or twice per day during a busy sales period. This reduces the opportunity for cash to go missing.

Improve All Record Keeping

Good record keeping at all levels helps identify where problems may exist in cash management. Even parts of the business that are far removed from actual cash handling - such as inventory management or accounts payable - can help track problems with cash movement.

For instance, if your club believes it sold 500 beers during an event but deposits come up $500 short, good records will help find the problem. You might consult a well-kept inventory or records of purchases to see how much was actually used. Or you could compare records from the cash or ticket counting machine to actual deposits. The more records you keep, the more you can investigate.

Which of these cash control methods can you improve at? As the leader of your company, how you respond to this important matter defines how your entire company responds to it. At Banker Money Counting Systems, we understand the value of good cash control at all levels of any business. Visit today to learn more about our wide array of tools to help you stay on top of your money.
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Right now, in your convenience store, you and your employees might count and handle money the oldfashioned way. A currency counter might not seem like a necessary investment, but it's worth the cost. These are a few reasons why these devices are particularly useful in convenience stores.

1. Detect Fake Bills

Because of the sheer number of transactions that are often done in a convenience store throughout the day and because of how fast these transactions usually happen, convenience stores can be at more of a risk of receiving counterfeit bills than many other businesses.

If employees use a currency counter when accepting larger amounts of money, they can quickly check to make sure that the bills they are being given are real.

Even if money has already been accepted by employees and is being counted at the end of the day, the counterfeit detector on your currency counter machine can help you catch fakes so you'll avoid taking them to the bank or keeping them in circulation.

2. Save Your Employees Time

Your employees probably have a lot of responsibilities in your convenience store. Having to spend a lot of time counting money takes away from the other things that they may need to be doing. If you have a currency counter that they can use, employees can make quick work of counting money so that they can quickly move on to the next task.

3. Get Money Put Away Quickly

Convenience stores are at a great risk of being robbed, so taking steps to help prevent theft is important. One of the key things that you can do is to keep a limited amount of money in your cash register drawers. Having employees put money in the safe once they accumulate a certain amount helps decrease the risk of theft, and if theft does occur, it helps minimize the loss.

If employees have to count money by hand each time that they put it in the safe, the money will be left out for longer. Also, robbery may be more tempting if employees are seen visibly counting large sums of money in the store.

With a currency counter, employees can get money counted and put away very quickly and discreetly. This helps keep both employees and the money in your store safe.

4. Prevent Human Errors

Your employees are probably pretty adept at counting money. They might do it all day long when they accept money from customers. This doesn't mean that they can't make a mistake, though, especially if they're in a hurry. Wet bills or brand-new, crisp bills can easily get stuck together, making it easy for a person to make a mistake, for example.

Currency counting machines have high accuracy rates, though. If your employees always use a currency counter when counting money, they will help decrease the chances of a mistake being made.

5. Avoid Spreading Germs

It's no secret that money is often covered in germs. Your convenience store employees obviously aren't going to be able to avoid coming in contact with money, but you should still minimize the spreading of germs.

After all, your employees might prepare hot dogs or other foods for your customers, and you don't want them to spread germs that can make someone sick. You don't want your employees to get sick either.

With a currency counter, you can help minimize how much physical contact your employees have to have with money.

A currency counter is a great investment for any convenience store, whether it's a small, rural convenience store or a large truck stop on a major interstate. Contact us  at The Banker Money Counting Systems to find out more about our currency counting systems and how they can improve your convenience store.
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