If your business, or organization deals with cash on a regular basis, but has not invested in a cash counting machine, you could be in for quite a shock as we dispel the myths below.
Not only can a cash counting machine calculate an amount of money far quicker than it takes a human to count it, it is also far more reliable and secure. Without you being aware, your cash handling techniques could be costing you a considerable amount.
Myth 1: Human error when counting and depositing money is not enough to affect my business
This is one of the most common myths around cash handling, and one that can sometimes be difficult to prove. However, the 2013 – 2014 Global Retail Theft Barometer study concluded that administrative losses and other non-criminal errors, which includes accounting mistakes, added up to just over 10% of the entire retail shrink of 2013 – 2014.
This is anastoundingly large amount of money, and goes to show that many business owners and operators are losing a large chunk of their profits, and to an area that should not be an issue.
Investing in a good quality and reliable cash counting machine is one way to counter this problem, and is highly recommended if you do not already own one.
Myth 2: Theft is not a problem in my business, or organization, or if it is, it represents a negligible amount.
Our second myth can be a worrying thought, as employee theft accounted for a staggering 42.9% of lost revenue according to the 2013 – 2014 Global Retail Theft Barometer study.
Needless to say, this is an astronomical amount and is incredibly worrying for business owners who hire a number of employees. Ensuring that your staff use a cash counting machine should lower this number and is a smart safeguard that you should be using.
Myth 3: Cash handling does not take up a large portion of my day, so I don’t need a cash counting machine.
While there are times when this statement may be true, it is very common for a business to underestimate just how much time goes in to counting notes and coins each day.
What most companies quickly find, if they stop to do the math, is that the cash counting machine will very quickly pay for itself in terms of work hours saved, consequently making it a very shrewd investment.
