5 Cash Handling Errors and How to Avoid Them
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5 Cash Handling Errors and How to Avoid Them
PBS offers great cash handling solutions.
The most common cash handling mistakes are listed below. These errors appear to be effective ways of increasing your efficiency by decreasing costs and are undertaken by some business owners in an attempt to help their businesses grow. In reality, these common practices can reduce efficiency in the workplace and can produce incurring financial losses. If considering your cash management procedures, try to avoid these five cash handling mistakes by selecting a device that can help you automate your cash handling solutions for efficiency and accuracy.
At first glance, double-counting seems like a good idea. Being thorough is essential, and double counting seems like a great way of catching any mistakes. However, double counting is counterintuitive and not as wise as you think. A little side note about the brain: if you did not notice your error the first time you counted, your mind is likely to make the same mistake the second time. Double counting will not catch your error, all the while taking up extra time that will directly result in higher labor costs. The best solution is a currency counting machine.
Manual Counterfeit Detection
Underestimating the counterfeiters that produce a currency that looks like the real thing, is a mistake. Many businesses carry on with manual counterfeit detection because they believe that it is easy to spot; however, this is definitely, not the case. While some counterfeit currency will be pretty obvious, fraudulent cash is getting harder and harder to detect. Trusting in manual detection is a significant risk, and no matter how careful you are, the only way to make sure your business is not at risk is to invest in a counterfeit detector.
Get a counterfeit detector at PBSoffice.com
While sharing registers saves time, the risks outweigh the rewards. The small amount of time saved by letting cashiers work off the same log comes with a significant price. This price will include less accountability, difficulty tracking cash flow, and an increase in theft. If mistakes are made on a particular register, it is imperative that you track those errors. Sharing registers virtually eliminates your ability to track and know with certainty, who made a mistake. If a dishonest cashier knows they will not be held responsible for shortages, they are more likely to use this to their advantage. Internal theft is a huge problem, and sharing registers keeps your company at risk for higher levels of theft.
Policies & Procedure That are Unclear
You must have firm policies and procedures for cash handling. Ensure that these are made clear to all employees dealing with your cash. While handling issues as they arise can seem convenient, establishing strict guidelines can save you many headaches. Cash handling employees are likely to make mistakes if they are unclear on how to proceed in stressful situations. Additionally, not having clear policies shows a lack of authority and can create a position where employees do not take cash handling seriously.
Some businesses persist in using outdated cash handling equipment because they do not want to cover the costs of new material. However, old technology is at risk of frequent breakdowns and costly repairs. It is more likely to run slow, and in a business, where speed is essential, this is a severe problem. Adding new equipment to help automate some of these processes can also help save time and add accuracy.
Avoiding These Issues
There are a few different cash handling solutions available that can help you avoid some of these pitfalls in your day to day experiences with money. Here is a list of a few machines that can help you avoid these cash handling mistakes while becoming more efficient today:
Some cash machines on the market today have the option of all three devices in one. These units can fully automate your cash handling process and eliminate many of the above mistakes. With the adjustment of some of your policies, the addition of an excellent quality currency counter / counterfeit detector and choosing the right retailer to buy your equipment from, you will be off to a great start to saving time and money on your cash handling process.
PBS Office and Your Cash Handling Solutions
PBS Office has many different cash handling options for your business.
Here at PBS Office, we offer a wide variety of cash handling solutions that will not only make your cash counting experiences more productive but will also make them more efficient. You can contact our friendly and knowledgeable staff today to discuss the cash handling options that we have available. Our representative can go over what needs your business is looking to fulfill with one of these devices and then point you in the direction of a few different options. We will gladly go over the differences in the selections given to you. This will assist you in making a final decision on which resolution will be best for your company. We have a variety of cash handling solutions that we are sure will help you get your cash handling processes automated for more accuracy and efficiency today.
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