Nowadays, a great many companies across the board are taking a thoroughly good look at cash management solutions as the perfect way to solve a great many of their cash related problems in general. Don’t you want a great ROI? Well, making sure that you invest in a configurable solution in order to automate your cash handling processes will most certainly enable you to achieve that. You certainly won’t have to worry all that much about aspects like cash pickup and banking pickups as well.
On that note, there are quite a few cash management solutions that one can put to good use. Some of them are cheque scanners, cash counters and sorters, counterfeit detectors as well as currency recyclers. On that very note, let us take a good look at the top seven ways of automating cash handling in general:-
- The elimination of internal cash shrinkage: One of the harsh truths of doing business is internal cash shrinkage. The truth of the matter is that dishonest employees will most certainly find a way to steal from you if given the opportunity. In many cases, thieves alone have been the cause of billions of dollars worth of losses on a yearly basis.By automating your cash handling, you will ensure that none of your dishonest employees get their hands on your money. The machination of the cash handling process will see to that plus the aspect of accountability will also increase during those times where employees do need to handle your cash.
- A decrease in labour costs: Not only is labour your biggest expense, but a huge chunk of your ROI from automated cash handling, in particular, will come from a reduction in labour. You will realise that even the smallest reduction in labour can lead to a huge amount of savings for your company.
- The optimization of cash flow: Being one of your largest worries, this will end up reducing your vault holdings by a good 10 per cent. Not only will you have access to your funds sooner, but a cheque scanner will enable you to deposit your cheques anywhere at literally any time. Increased speed and accuracy overall will enable you to optimise your cash flow.
- Improving security: For this, you need to have the right cash management solutions completely in place. That is one of the main ways in which you can ensure that your employees stay protected and safe at all times.
- Reduce armoured car fees: Once you’ve established the fact that your money is as safe as it can possibly be, that will automatically reduce the frequent need of armoured car pickups in general.
- Increase efficiencies and accuracy: When cash in manually handled, at some junction, the aspect of human error is pretty much inevitable. This will adversely affect productivity as well.However, if your employees are spending more time with the customers and on aspects that actually matter, the automation of cash management solutions will mean that you can say goodbye to human errors for good.
- The detection of counterfeit: This is still a serious issue that affects a large number of companies across the board. With counterfeiters becoming more cunning and sophisticated, your only hope is to have technology on your side.
At the end of the day, it’s quite evident that all companies that happen to invest in cash management solutions across the board, do enjoy all of the aforementioned seven advantages. No two ways about that, really. And if that wasn’t enough, these seven practices will also help you solve a great many problems along the way as well.