Cash Management – How Cash Automation Helps with Money Management

Proper cash handling is essential for all businesses. Poor cash management leads to loss of money in more ways than you can imagine. Mismanagement includes increased labor costs, theft, and financial mistakes.

Controlling all these issues is easier with cash automation. By removing manual cash handling, businesses reduce unprecedented costs and make better plans with money. This includes incorporating machines also allows businesses to provide change, prepare floats and do proper balancing at the end of shifts.

Automation aims to increase business accuracy, meaning owners can make more money and focus on growing their businesses. So, what does automation mean, and how do businesses go about it?

The Meaning of Cash Automation

If you want to run your business better, employ automation measures. The process involves implementing different cash handling machines to replace human work. While humans are competent and qualified to do the accounting, 100% accuracy is vital.

Cash automation hardware has software that works seamlessly with a company’s systems. Cash management machines include:

  1. Smart Safes

Businesses that store cash on-site would benefit from smart safes. The work of the machine is to accept, validate, record, and store cash. The connection to the internet and cash management software sets these machines apart from the rest.

Smart safes are responsible for reconciliation at every close of business. Therefore, employees don’t need to do any math at the end of the day. Smart safes can also do the following:

  • Record who deposited money and when
  • Identify cash storage by denomination
  • Record who withdraws cash

 

  1. Back-Office Recyclers

Some establishments handle large cash volumes every day. As a result, most employees spend most of their time in the back room. They perform functions such as preparing floats, counting, reconciling, and conducting drawer swaps before the cash is collected.

In the process, mistakes, theft, and miscalculations occur. Fortunately, a back-office recycler sends accurate financial reports to financial institutions.

  1. Teller Cash Recyclers (TCRs)

These recyclers are also known as point-of-sale recyclers. The machine is at the checkout line and usable by cashiers. The customer gives money for every transaction and receives change (if any).

Moreover, the machine also does the following:

  • Storing excess bills
  • Checking for counterfeit notes
  • Recording all transactions

Recently, customer-facing recyclers have become more popular, reducing the need for too many employees in an establishment.

  1. Currency Discriminators

This cash management machine is more advanced than a currency counter. However, it is simpler than note and coin recyclers. The equipment counts bank notes accurately and quickly in readiness for bank deposits.

A unique feature is bill discrimination. If you feed the machine with different bills, the machine discerns between denominations and gives a tally of everything.

These currency discriminators are used for:

  • Counting incoming money shipments
  • Conducting audits
  • Selling and buying from the vault

 

  1. Coin Machines

A self-service, fully automated coin deposit machine in your establishment attracts more customers. Automating coin deposits reduces the long lines experienced when people want to turn coin savings into cash. Depending on local market solutions, coin machines are either bin or bag.

Managing cash, especially for retail stores, needs proper planning. While you may have trustworthy employees, automating the cash handling process saves everyone time. In addition, you prevent theft by employees and anyone visiting the establishment.

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