Since the introduction of online banking and contactless payments, talk of a ‘cashless society’ has been rife. Yet, as the Guardian reported only last year, as many as eight in ten of us continue to rely on cash.
Reasons for this vary and include money management, cash-in-hand payments, and even just a preference for tradition. Either way, this means that cashing up continues to play a massive part in any retailer’s day.
For many, this age-old tradition can feel like the ideal way to open or end the day. Yet, it’s worth noting that ill-managed or outdated cashing techniques could land you in hot water. In fact, if money is going to go missing, this is when it’s most likely.
With this in mind, you may want to turn your attention to these processes that you’ve never given much thought to before. And, to help you get started, we’re going to look at three pressing reasons why cashing up might be costing you right now.
# 1 – Relying on manual processes
Even some large stores still rely on human counting to fill and empty tills during each working day. Sadly, this can lead to errors in your accounts that could cause miscalculations galore. Something as simple as two bank notes sticking together could easily end up costing you a great deal. Instead, then, even small retailers could benefit from investing in manual money counting machines like those found on www.barringtonsecurity.co.uk. While you may still want staff to double-check with a last count, this can speed processes and significantly reduce risks of human error.
# 2 – Filing reports in-house
While it might seem like an easy solution, filing cash reports in-house can also be a mistake. After all, misplacing your cashing up sheets from one day could leave your accounts sorely lacking, and you won’t have any way to address the issue. By comparison, sending cash files straight to accountants like those working at https://www.mneaccounting.co.uk/about-us/accounting-firm/ ensures that someone in-the-know can handle, process, and generally keep your accounts safe. This alone can take a massive weight off your shoulders and, again, reduce the risk of errors.
# 3 – Thinking cashing up is a one-person task
Speaking of reducing errors, thinking that one person alone can handle cashing up is another significant mistake. Whether you take care of this yourself or trust team members to do it, the simple fact is that there should always be at least two of you on the case. This can help your staff by ensuring that the finger of blame doesn’t automatically land on them if discrepancies are evident in a till they’re dealing with. Having two sets of eyes rather than one can also go a massive way towards ensuring proper counting, and thus reports that are finally free from errors.
Cashing processes can be complex, but there’s no reason they should cost you. So, ask yourself – are you making these mistakes, and how can you set about avoiding them in future?