How you Handle your Cash is Critical to your Business

As the world turns ever more digital, it’s tempting to downplay the importance of cash handling in the business environment. Without expert procedures in place, however, you place your business at great risk of both theft and attrition from simple inefficiency. While customers love having digital solutions in place too, cash use has actually trended upwards in the last few years, and remains a cornerstone of business payment methods. Why is it so critical to have a proper plan in place? LJ International looks deeper into the issue.

Risk Reduction

Obviously, the primary reason to have a smooth, consistent, and monitored note and coin handling solution is to reduce your loss risk. If you can check for forgeries, accurately count, and safely store the cash on your premises until it’s moved to the bank, you can drastically curtail shrinkage. In fact, a great note sorter machine will soon pay for itself through saved shrinkage and risk elimination.

Smoother Business Processes

Hopefully, your business is bustling and busy. While a busy business is a happy business, it’s also a minefield for potential inefficiencies. Your poor tellers may have hours at the end of the day to reconcile the till, or customers may be seeing extended wait times. No one wants that! 

If you have a smart cash handling solution at each till, you streamline the cash checking procedure. This helps keep employees accountable as well as empower them to work more efficiently. Customers have an improved experience at the till, and cashiers can reconcile their tills quicker and leave promptly at the end of the workday. Everyone wins, most especially your business.

Greater Accountability

Where is the cash in your business right now? A thriving business can’t sit nitpicking its cash handling process every step of the way, but without a proper paper trail and a system of accountability that can easily be traced back to relevant parties, you’re asking for theft and loss.

Cash handling solutions help you maintain an audit chain that’s clear and concise. You can discover discrepancies immediately, and keep staff and management accountable throughout the cash handling process. Even innocent errors are easy to find and deal with, and theft can be discovered early and without significant loss.

Key Parts of the Cash Handling System

So how do you implement a comprehensive cash management solution? LJ International are proud to offer a range of easily-scalable cash handling solutions, which will be individualised to suit each company. However, key parts of the chain include:

• Point of Sale: At the point of sale, you need note counting solutions and forgery checks, as well as secure ways to receive cash
  Cash Management: Solutions that control how cash is stored, and accessed, through the day
• Tracking: Logs of received payments can be tracked, monitored, and stored for accountability.This includes accurately processing proofs like payment-related documents.

Accurate cash handling is critical to business. Are you ready to embrace a better way of managing cash in your business? Why not let LJ International help you get your cash management systems perfected today?