Cash Management – What You Need to Know

Managing Cash for Businesses

Cash handling in retail stores is essential, but some business owners don’t realize that poor cash management could be costing them a lot of money. Costs can be in the form of increased labor, mistakes, and theft. Cash automation addresses these and other associated costs of handling cash. By incorporating machines, retail outlets can prepare floats, provide change and perform end-of-shift balancing without manual handling and do this far more accurately.

What Is Cash Automation?

Automation involves implementing at least one of several different kinds of cash handling machines to take over the work of humans. The cash automation hardware has program software that works with a company’s processes and financial institutions to improve accuracy. There are several kinds of cash management machines available:

Smart Safes

A smart safe is an excellent solution for businesses that store any amount of cash on site. The machine accepts, validates, records, and stores cash securely. Unlike traditional safes, smart safes connect to the internet or cash management technology. The smart safes reconcile the cash automatically, so employees don’t spend time on reconciliation at the close of each day. An intelligent safe can record many data points:

  • Who deposited the cash, and at what time
  • How much cash is stored by denomination
  • Who removed the cash

 

Back-Office Recyclers

In a high cash volume retail establishment, staff members spend valuable time in the back-office cash room. Under management supervision, employees prepare floats, conduct drawer swaps, count, reconcile, and facilitate collection by the CIT company. There are many opportunities for mistakes, miscalculations, and theft. A back-office cash recycler streamlines the entire process and transmits accurate records directly to the CIT or financial institution.

Point of Sale Recyclers

Placing a POS recycling machine at the checkout line allows the use of the device by cashiers or directly by customers. The point of sale cash recycler accepts money and returns change for each transaction. It also stores excess bills, checks for counterfeit notes, and records all transactions. As self-service becomes commonplace, customer-facing recyclers can reduce the amount of labor needed to handle customer payment transactions.

Why Automate Cash Handling?

Cash automation streamlines procedures and offers many benefits:

Labor – The more time employees spend handling, sorting, and counting cash, the more it costs the business. Cash automation means that fewer people spend less time handling transactions.

Security – On a busy day, cashiers might handle large amounts of cash, posing a security risk from external and internal theft. By automating cash procedures and securing surplus banknotes, businesses can add a layer of protection from criminal activity.

Accuracy – Cash automation reduces the number of human errors. Cash handling machines will count, sort, and tally banknotes to prepare the deposit faster and more accurately than an employee could.

Accountability – Cash management technology keeps better records and makes it easier to track how much cash runs through the business. Automation also improves oversight.

Ultimately, any business that manages cash can take advantage of automating manual cash handling processes. Reducing the costs and risks associated with managing cash can deliver significant bottom-line benefits.

Visit CIMA at NRF 2020 in Booth 5943

Once again, CIMA is a sponsor and will be exhibiting its world-leading cash handling solutions at NRF 2020, Retail’s Big Show in New York City from January 12-14, 2020.  Held at the Javits Center, NRF 2020 is expected to attract over 40,000 visitors from around the world.  This premier global event for anyone connected to the Retail industry showcases some of the most innovative retail technology and solutions the world has to offer.  CIMA has been a proud sponsor of NRF for several years.  This year will showcase our biggest presence to date and introduce some of the newest and most advanced cash handling solutions the industry has to offer.  Our range of smart safes and back-office cash recycling solutions for any retail application will be on display.  Even more exciting this year, we launch our range of INLANE CASH@POS and CASH@KIOSK solutions.  We cannot wait to demonstrate how retailers can allow consumers to pay into an automated cash payment device at the point of sale or at a self-ordering kiosk making the process of managing cash in store more secure and efficient.  Ultimately, our goal is to continue to deliver solutions that help Retailers REDUCE THE COST OF MANAGING CASH.