When it comes to running a business, chances are you’ve lost a few sleepless nights over cash handling. From simple things such as who to trust locking up each night, to counting out the notes in the register – cash handling can get complicated.
But it is important.
Proper cash handling procedures can help you and your team keep your money protected and safe from theft. And with 900,000 small businesses at risk of going under, it’s more important than ever to hold on to every ounce of cash.
To help businesses with their cash handling, we’ve put together our top tips for handling cash in your business.
Securely store your hard-earned cash
A seemingly simple point, first and foremost it’s important to store your cash securely. One way to do this is by having a camlock in your cash register. A camlock is ideal for use on equipment such as electrical enclosures, cash registers, lockers, safes, filing cabinets and display cabinets as they allow the cabinets to be securely held together.
By having a camlock to properly secure your register, it is far less likely to fall victim to theft or accidental damage.
Hire and train supervisors for your cash
Rather than trust every employee with your cash, it’s often a good idea to hire or train someone up as a cash supervisor. This would mean that it’d be this person’s responsibility to help you improve your cash handling processes and undertake tasks such as balancing tills or making cash drops.
Another benefit to this (as well as enhanced accountability!) is that with less people handling your cash or having access to your safe, it reduces the chances of things going wrong or missing.
Implement rules for your staff when handling cash
In small businesses it can be hard to track down why your till may be out and more importantly, which employee is responsible. By implementing some wider rules (such as allocating one cashier drawer per employee for example), you can identify which employee may have had their register out at the end of the day.
Then, it’s much easier to fix the problem or conduct extra training.
If you’re struggling with cash handling, one option is to do away with cash in the traditional sense! In actual fact, over the last year we have seen a 35% drop in cash transactions as people make contactless payments.
The bottom line is that although it can be difficult keeping your hard-earned cash safe, it’s relatively straightforward to improve your cash handling. From hiring a cash supervisor, to securing your cash properly, to even going cashless – if you’re struggling with cash handling, by implementing some simple procedures, you can be well on your way to being a cash handling pro.