Cash transactions are a major part of any retail business. Most cash transactions happen very quickly, and while the cashiers aim to reduce queues, the same haste often paves the way for discrepancies in the efficiency of handling the cash. To err is human, and when human intervention adds to incidental accounting errors, at the end of the day, the cashiers are who are answerable for any discrepancies that may have taken place in sales and cash collection. This is where a smart safe changes the game and reduces the occurrence of such accounting errors. Not only does this result in a smoother cash handling system, but also increases employee productivity. Here are some ways that the smart safes are beneficial to a retail business.
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Businesses, big or small, if cash-intensive have to face several problems because of cash-in-transit. Some of the issues that they face include security concerns, accounting issues, working capital concerns, costs of transportation and many more. Businesses, however, have now been able to overcome these issue to a large extent by introducing automated cash handling safes, also known as smart safes. Here are some of the benefits of installing a cash handling safe.
Reduced Cost of Transportation Smart safes help businesses save transportation costs by reducing the number of armored car pickups. This is possible because with the installation of smart safes businesses need not transfer the cash they receive, to the banks, on a daily basis. Instead the cash is kept safely in the smart safes and is moved only when it is available to be moved in large batches. Any retail business, be it a big box retailer or a specialty store, has several challenges, from offering high-quality products at economical prices to improving customer experience. These sales challenges have become graver due to emerging online retail businesses. As a result, it is must for retailers to take every step, be it installing cash deposit safes to improve cash management or using effective cross selling strategies, that can help streamline their business and enhance sales. Here are four key tips in this direction. Take a look.
Efficient cash management is an integral aspect of every retail business, especially large retailers such as Wal Marts and Best Buy. It is also an important factor that influences your business’ profits. In this age of competition, when you have to sell at competitive prices and ensure customer satisfaction, efficient cash management is not easy. Through this blog post, we list four basic steps to accomplish this objective, which may be helpful no matter you run a restaurant, a specialty store, or a big box store.
1. Specify Cash Handling Policies and Procedures Not every employee in your business is responsible for handling cash, but only those who have been appointed for this role. Besides this segregation, those who handle cash should be assigned individual responsibilities. Specifying cash handling policies sets certain roles for certain people, which improves accountability and makes it easier to find discrepancies, if any. Smart safe manufacturers have not only changed the way retail businesses count money but also how they manage their transactions. These electronic vaults are are one of the most effective solutions to streamline the cash management process. Simply put, smart safes are the shortcut to resolving the cash shrinkage issue by reducing internal thefts, frauds, counterfeit currencies, and accounting errors. In this blog post, we have listed five key benefits of installing smart safes in a business. Take a look.
1. Improved Cash Flow Smart safes help you digitally keep a track of all the cash inflow and outflow of your business. Reputed safe manufacturers offer products that come along with the features of recording every activity in multiple formats such as by business day, transaction type, user, shift, and provide real-time visibility of all your cash deposits. The results are simplified cashier shift checkouts and availability of detailed reports to analyze data in case of any discrepancy. Despite the fact that the US is a global superpower, the issue of counterfeit currency continues to pose a threat to the country’s economy and financial system. Although the Federal Reserve is doing its bit to tackle the problem of counterfeit currencies and regularly destroys counterfeit bills, there is still a lot of fake currency in circulation, and more is being poured into the system, as we speak. That is the reason why an increasing individuals and businesses, especially cash intensive ones, have to bear notable losses, which brings us to a solution that can address the problem, for good.
Identifying Fake Bills with Smart Safes Financial losses due to counterfeit currency issues is one of the primary reasons businesses are opting for smart safes integrated with high-end bill validating technology that not only works as cash safes but also solves the purpose of cash counting safes. The bill validators integrated with the cash safes help validate the bills received and reject any bill whose reliability or accuracy cannot be trusted. Cash shrinking is a matter of concern for retail houses, where there's a continuous inflow of cash. Stores do lose cash as a result of theft, and if we particularly talk about the U.S. market, there are more cases of internal theft, which is one of the biggest reasons for cash shrinkage. A report by Global Retail Theft Barometer revealed that cash shrinkage is costing retailers approximately $123.4bn annually. Businesses are reluctant to acknowledge that they have any sort of problem with employee theft. They believe that reporting such incidents spoil the brand image, lower the morale of the employees and impact the rapport with the investors. An effective way to overcome the issue of shrinkage is installing cash dispensing safes and other cash counting products. Let's read more about the ways a business could handle losses due to cash shrinkage:
Cash-intensive businesses often ignore the physical aspects of commercial safes. Most of them are more concerned about their profits and internal cash shrinkages, and therefore, pay little to no attention to the safes that play a vital role in safeguarding their money. Other than burglary and shrinkage, there are a plethora of factors that pose a threat to the money stored in safes. To help minimize the risks, the blog discusses the 4 indispensable physical characteristics that you need to look for while choosing a commercial safe.
1. Protection Against Forced Entry A commercial safe needs to provide protection against invasion by external factors. Narrow gaps that help to insert iron rods, sledgehammers and pry bars leave a room for internal and external thefts. A reliable safe provides fraud security even if the hinges or essential parts suffer breakage in cases of physical and mechanical shocks. Despite the increasing prominence of electronic and plastic money, cash continues to be the most commonly used mode of payment in retail stores. Unfortunately, retailers incur losses as a result of internal, external theft and errors at the till point and cashing up. Retailers face the challenge of reducing loss without hampering in-store operation or any major capital expenditure. An effective way to reduce the loss incurred by retail stores is installing cash counting safes. This blog post discusses four retail business overheads that can be minimized through cash counting safes.
1- Cash Room Costs Retail stores demarcate dedicated rooms as cash storehouses, deploying additional staff to count, manage, process and safeguard the money. Cash storage continues to be a challenge for retail stores due to the requirement of in-house spaces to keep the cash that can be otherwise used as a warehouse for the retail inventory. Cash counting safes eliminate the local storage constraints of a retail business by collecting, storing, and securing the cash simultaneously. Cash transactions at many theaters are still non-high tech procedures, wherein a cashier needs to manually count the cash and check the notes for authenticity. The process of a transaction is labor-intensive and time-consuming for the staff. Moreover, there are chances of unavoidable human errors while calculating cash manually. The post discusses how cash automation commercial safes help theaters overcome these challenges, and the ways to go about it.
Advantages of Cash Automation Improved Efficiency A cashier usually spends a couple of hours every day in counting cash. Automating the process by using commercial safe eliminates the need for manual counting and increases the productivity of the staff. |