Having a good cash management system is one of the keys to a successful retail business. There are few things as important as how money flows in and out of your business, and how you and your staff handle it.
There are two broad types of cash management systems: manual and automated. If your cash management system is currently manual in nature, you face a higher risk of employee error, inefficiency, and theft. You also are not using your personnel resources to the best of their abilities. You’re paying them to count money for approximately an hour per shift.
With automated cash management systems, on the other hand, you all but eliminate employee error and theft. You also severely cut down on the amount of time employees spend counting money. If you’re looking to move from a manual to an automated system, speak with a cash management solutions provider. Which provider should you partner with? Consider these three signs of a great cash management solutions provider.
1. They’ve Been in Business for a While
The best cash management systems provider will be the one that’s been in business for at least a decade or two. Your provider should be established and well thought of in their industry. After all, you’re trusting them with teaching you the best ways to manage your cash flow. It’s only with experience that a provider can offer you the best advice as they’ll have seen other businesses like yours and will know what will work best for your current situation.
2. They Offer Custom Solutions
There’s nothing worse than one size fits all when it comes to cash management solutions—they don’t work. While businesses might be similar to each other, they are not identical. In effect, they need their own custom solution. The best cash management solutions providers will be able to learn about your business, what cash management solutions you have in place at the moment, and which issues you’re having. From there, they’ll be able to create a custom solution that works within your budget and that offers you everything you need to continue making your business a success.
When you’re researching different providers, make sure you ask if they offer custom solutions. If they don’t, cross them off your list. Your business deserves better.
3. They Offer Continuous Support & Advice
Good cash management solutions providers will offer you continuous support and strategic advice. During your research into providers, ask what kind of support and advice they offer. Is support offered only on a one-time basis or is it continuous? Does the relationship last after the purchase has been made? Is someone available to offer technical support? The answer to these questions is important. You don’t want to run into problems or have questions later on and have no one you can turn to for help.
There are many services great cash management solutions providers should offer. When looking for a provider, determine how long they’ve been in business, consider whether they offer custom solutions, and ensure they offer continuous support and advice after the sale. If the provider doesn’t check off these three boxes, then keep looking. There are much better providers out there. Your business deserves the best.
Source: Andrea Lombardi