The world of retail is filled with many moving pieces. Proper management of cash and banknotes is an intrinsic part of both customer interactions and back-end operations. Unfortunately, for busy retailers many parts of cash management tends to end up on the sidelines as they worry about other tasks.
Failure to have an effective cash management strategy can have detrimental effects on retailers. Without one staff is not as efficient, customer service lacks, and security falls short. All of these ultimately can hurt profitability, which is why implementing some simple cash management solutions for both front and back office can be a true game-changer for your storefront.
1 – Behind the Register Cash Organization
The first step to improving retail cash management is to start at the beginning. When it comes to accepting cash from a customer, what does that process look like? Take an assessment of the following:
- Is cash visible to customers?
- Do you keep cash in one place or several within the store?
- Where do you keep records to understand the movement of cash?
Being able to keep close track on cash movement throughout the day will prevent losses. For example, using a behind the register cash recycling system removes the need for staff to even handle cash at point of sale. Being able to automate cash handling not only minimizes the risk of errors, but will improve staff efficiency and the overall customer experience.
2 – Back-office Cash Handling
It’s easy in retail to say you’ll balance the daysheets or fill out records tomorrow. And while that might save you time in the moment, tasks can quickly add up and the consequences of poor cash handling can be detrimental.
Having a quick solution to back office cash settlement, till replenishment, and end of day balancing saves time and improves security. Using an automated solution that has internal auditing and bill tracking will offer faster processing of deposits, withdraws, and bill exchanges. Look for a solution that also has internal automatic verifying which will ensure your cash inventory is balanced at all times.
Learn More About Automated Cash Management
Using the right solutions when it comes to cash management can make a huge difference on the profitability of your storefront. Automated cash management not only brings efficiency and accuracy easily, but improves overall business security and customer experience. Learn more about retail automated cash management solutions and make sure you are getting the most out of accepting cash at your storefront.
If you are ready to improve efficiencies, streamline staffing, increase security and better the overall customer experience in your store, call us. We are here to help! Reach us at 952.890.6661 or contact us online.