A streamlined process is a must when it comes to dealing with cash for every retail business, because dealing with cash poorly can affect the bottom line. Moreover, it may also create serious disputes.
To help you deal with cash efficiently, we have outlined five smart cash handling suggestions:
Provide Receipts
Provide a receipt to each customer. If you print receipts, you will have duplicate copies, so you will have no reason to doubt your cash counter employees, because they will have no opportunity to hide any transactions from you.
Take Cash Discrepancies Seriously
You should not be lenient toward cash discrepancies. If you overlook it the first time, it may happen again, so you need to make your cashiers understand that you have made them work the counter because you trust them, and you cannot tolerate such mistakes from them. You should do it professionally so that they themselves realize their mistake and vow to become more attentive.
Install Money Counting Machines
A money counting machine will help you avoid cash differences and disputes. If you install cash counting machines, then they will count large number of notes accurately in a couple of seconds, so the transaction speed will increase. Moreover, this will eliminate the probability of counterfeit notes, as the money counting machines have sensors to identify fake notes.
Begin Recording the Cash
You should begin recording inbound and outbound cash separately. Plus, you should keep the register secure. If you have well-maintained registers, you can easily figure out your profit. This will also make dealing with disputes easier.
Create Individual Cash Counters
Don’t allow anybody else to touch the cash counters except the people handling the cash. Create a separate register for them to check the amount they have in their drawers before leaving them. Plus, if another person is going to handle the counter, then they should also recount and recored the amount before taking charge of the register.
Considering these points will make cash handling easy for you, so think about implementing them for your business.
