Running a Retail Business? Here Are Some Tips for Better Cash and Coin Handling
If you run a retail business, cash loss can be a significant problem. With margins that are already tight, every dollar lost can have an impact on your bottom line. Unfortunately, cash handling errors are reported as a significant cause of cash loss for many small businesses. Because of this, it is crucial to ensure that your employees are using effective cash and coin handling methods.
Your retail business can face losses unless your employees have rock-solid training in cash handling. Every new hire should be trained on how to count cash correctly, in line with your policies. Existing employees should also receive training and periodic assessments. This way, you can ensure that all your employees understand your cash-handling methods and are using them properly.
Unfortunately, many businesses do not ensure that employees have been trained in appropriate cash and coin handling methods. Without training, employees can be inconsistent, operating with different ideas about what good cash management is. This leads to time wasted, inefficiency, and a loss of accountability. In addition, many businesses that do have cash handling methods in place use inefficient practices without any automation.
Create a Cash Handling Policy
To ensure better cash handling at your retail business, create a simple cash handling policy that is easy to follow. Create a set of rules that employees must follow regarding proper cash handling policies. To make your policy easy to remember, print it out and place it near the cash register and back office. For example, cash registers not in use should be locked and two employees should be present when cash and coins are counted.
Ensure Employee Accountability
Many cash loss issues are resolved by ensuring employee accountability. Different employees should handle all stages of the cash handling process employees. The employee who counts the cash and coins hands it over to an employee who verifies the amount and deposits it in the safe. Make sure cash amounts are confirmed throughout the day with a cash activity sheet. Staff signatures are required next to each activity.
Automate cash counting
- The Tellermate T-ix R1000 is easy to use and comes with an easy to understand user guide. The Tellermate T-ix R1000 counts a standard cash drawer in under a minute, resulting in significant time savings compared to the typical hand counting times of 15 minutes. T-ix R1000 also reduces human counting errors and eliminates the need to double check and recount cash drawers.
- . The Tellermate T-ix R2000 reduces the time spent counting cash by up to 70%, resulting in improved productivity and potential savings. This coin, bill, and coupon counter provides simple cash reconciliation and audit functionality.
A coin and currency counter can speed up the cash counting process while reducing counting errors.
Some currency counters show counting results on a computer or on a print out to improve accountability. Currency counters also have built-in counterfeit detection, eliminating the need to check bills manually. With a wide range of features, it's important to determine the needs of your business to choose the right currency counting machine.
At the end of every shift and at the close of your business day, all cash balances need to be sorted and counted. This confirms that the cash amount on-hand matches the amount on your cash activity report, cash transactions, and cash drawer balances. While some retailers rely on manual cash counting methods, human error exists. When amounts do not match, mistakes and discrepancies need to be tracked down and identified. Rather than spending time recounting cash or tracking down errors, trust a bill and coin counter to count and sort your cash.
Finding ways to improve your cash management policies can boost the performance of your business. Every retailer needs an efficient and secure cash management solution. In spite of advancements in cash handling and cash management, there is still a human element in cash transactions. This means that your employees are an effective weapon to reduce cash loss at your retail business. Ensure that your employees are properly trained and will follow your cash and coin handling procedures.