Cash transactions are a major part of any retail business. Most cash transactions happen very quickly, and while the cashiers aim to reduce queues, the same haste often paves the way for discrepancies in the efficiency of handling the cash. To err is human, and when human intervention adds to incidental accounting errors, at the end of the day, the cashiers are who are answerable for any discrepancies that may have taken place in sales and cash collection. This is where a smart safe changes the game and reduces the occurrence of such accounting errors. Not only does this result in a smoother cash handling system, but also increases employee productivity. Here are some ways that the smart safes are beneficial to a retail business.
Security
Internal thefts account for an average of 5% loss in the annual revenue of any business. Not surprisingly, this is higher than the occurrence of an external theft. Smart safes help curb internal thefts and frauds by streamlining the cash handling process. Similarly, to lessen the risk of external thefts as well, cash safe manufacturers have also introduced high security features in their smart safes.
Counterfeit Detection
Manual check to spot counterfeit currency is the least effective way to do so. Using the machines with UV lights or counterfeit pens is also less effective these days. That’s why smart safes now integrate the bill validator technology, wherein the Bill validator is kept near the cashier to validate the currency, as soon as the money gets deposited.
Operational Efficiency
Coin acceptors and bill validators reduce operational pressure by discarding manual processes like counting and validating currency, maintaining cash-flow logs, and transactional audits. Smart safes with bill validators can automate the entire process, leaving employees to concentrate better on customer satisfaction, hence increasing the operational efficiency of businesses.
Improved Cash Flow
Smart safes are designed to systematically keep a regular and errorless check on the cash outflows and inflows of a retail business. This helps businesses manage their cash efficiently, as well as assess and sustain their overall financial position by being aware of their cash outflows, inflows and fluctuations in cash balance.
Time Saving
Before the introduction of the smart safe, employees would spend a lot of time swapping cash drawers and counting and recounting the money when their shift changed. This has drastically reduced with the automation of the cash management process, thus boosting productivity by enabling employees to use their time and skills in other tasks such as customer service and satisfaction.
A Word of Advice
Before zeroing in on a smart safe for a retail business, it is advisable to contact more than just a couple of cash safe manufacturers to find out about the types of smart safes available, the technology used and the introduction of additional features, if any. While the cost of the smart safe is a strong determinant for making a decision, other factors that help simplify the cash management process, must also be considered.
Internal thefts account for an average of 5% loss in the annual revenue of any business. Not surprisingly, this is higher than the occurrence of an external theft. Smart safes help curb internal thefts and frauds by streamlining the cash handling process. Similarly, to lessen the risk of external thefts as well, cash safe manufacturers have also introduced high security features in their smart safes.
Counterfeit Detection
Manual check to spot counterfeit currency is the least effective way to do so. Using the machines with UV lights or counterfeit pens is also less effective these days. That’s why smart safes now integrate the bill validator technology, wherein the Bill validator is kept near the cashier to validate the currency, as soon as the money gets deposited.
Operational Efficiency
Coin acceptors and bill validators reduce operational pressure by discarding manual processes like counting and validating currency, maintaining cash-flow logs, and transactional audits. Smart safes with bill validators can automate the entire process, leaving employees to concentrate better on customer satisfaction, hence increasing the operational efficiency of businesses.
Improved Cash Flow
Smart safes are designed to systematically keep a regular and errorless check on the cash outflows and inflows of a retail business. This helps businesses manage their cash efficiently, as well as assess and sustain their overall financial position by being aware of their cash outflows, inflows and fluctuations in cash balance.
Time Saving
Before the introduction of the smart safe, employees would spend a lot of time swapping cash drawers and counting and recounting the money when their shift changed. This has drastically reduced with the automation of the cash management process, thus boosting productivity by enabling employees to use their time and skills in other tasks such as customer service and satisfaction.
A Word of Advice
Before zeroing in on a smart safe for a retail business, it is advisable to contact more than just a couple of cash safe manufacturers to find out about the types of smart safes available, the technology used and the introduction of additional features, if any. While the cost of the smart safe is a strong determinant for making a decision, other factors that help simplify the cash management process, must also be considered.