If your business deals with a lot of cash, though you may have an honest and smart team, you also need a proper system that can track the flow of cash. Your employees may make mistakes that can cause you financial losses and create mistrust in your mind.
Here are some simple but useful ideas to manage cash smartly and avoid any kind of loss, dispute, and mistrust.
Know Your Employees
This is the first thing you should do if you want to avoid financial losses. Talk to your team members once a week, or twice a month to understand their psychology and their lives. This will enable you to evaluate their mental state. A stressed employee is more prone to making mistakes than a happy employee. Moreover, this discussion will enable you to get a feel for whom you can trust, as well as making sure you stay engaged with your team.
Install CCTV Cameras
Bringing inclosed circuit television cameras will enable you to monitor the whole business operation without creating a negative feeling in your team that you don’t trust them. You can even monitor the whole business operation from your office. Moreover, by getting access to those cameras on your smartphone and laptop, you can watch what is happening at your business when you are away. If any financial doubts are created, the truth can easily be revealed with the help of those cameras.
Keep a Cash Register at Every Counter
Ask every team member to confirm the amount in the register before taking charge of a cash counter and before leaving the cash counter. When you rotate people from one counter to another, ask the other person to count the amount first that they have in the cash counter and record it, despite that it was counted and recorded earlier. This will be a great way to avoid any financial mistakes due to wrong counting or practices.
Integrate a Currency Counting Machineat Cash Counters
You should buy an advanced cash counting machine for your cash counters. The currency counting machine will count the cash fast and accurately. When people count manually, they do it twice or thrice to catch mistakes, but there is no need to count more than once when they do it with a cash counting machine. In addition to counting accurately, the currency counting machine will detect counterfeit notes as well. So, the probability of financial loss due to fake notes will be completely eliminated.
Carrying out these suggestions will enable you to avoid financial loss due to mistakes or poor cash handling practices.
