Managing a successful cash-based business is based on a secure and efficient cash management process. Gone are the days when retail store owners/managers could depend on their employees to count cash and reconcile accounts manually. Nowadays, a cash- intensive business of any size cannot be competitive without using automated cash solutions.
Improvements in technology of security safes has improved onsite security, it optimizes return on investment and reduces cash exposure. Apart from improvements in onsite security to prevent burglaries, robberies and internal theft, this technology further reduces cash exposure and chances of theft.
Automated Safes Reduce Cash Exposure
- Automated cash safes used by retail or other cash handling businesses come with bill validators and password protected or swipe card-based access system. Cashiers just need to pass the bills and coins through a specific slot for accurate counting of the amount to be deposited or extracted with every transaction. In this way, each and every transaction can be pinned on to a particular employee for ensuring accountability.
- Cash security safes also come with automated accounting features. Some safes have comprehensive accounting and financial reporting features that help them print up to 30 receipts and reports any time. This helps the management to save time from the hassles of manual counting and account reconciliation.
- As automated counting reduces the time and resources needed for account reconciliation, lesser human resources are needed. Employees can spend most of their time in more productive work such as addressing the concerns of the customers or streamlining the operation.
Provisional Credit Too Reduces Cash Exposure
Provisional credit is a system of automated bank account credit that helps both the cash-based businesses and banks. On one hand, it allows the bank account to be updated instantly through “provisional credit”, on the other it reduces the number of armored carrier trips to the bank branches, thereby reducing cost.
Provisional credit system means a business’ bank account gets updated as soon as cash is deposited at the business site. The cash is not yet transferred to the bank physically, though it is still credited provisionally. This system helps reducing three points of daily cash exposure -- employees carrying tills to the armored vans, guards of armored vans handling the tills on their way to the bank, and the cash deposits being taken by the bank teller.
An armored carrier can be hired just once a week to deposit the accumulated cash into the bank account. This is possible only when you buy quality security safe products from reliable manufacturers with years of experience in providing cash deposits. Use of automated safes is imperative to ensure security and efficiency of retail and other cash handling businesses.
Without delay, cash-intensive businesses need to look for advanced, highly efficient and impenetrable cash safe that will weed out all the hassles related to cash management. For this purpose, they need to consider a manufacturer’s experience, proven track record and customers’ reviews rather than falling prey of fabricated sales pitches. This is a big decision, and should be taken wisely.