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Businesses become more prepared with two-in-one cash and check scanners

Businesses become more prepared with two-in-one cash and check scanners

Small and midsize businesses can transform their back office operations for the better by using dual purpose cash and check scanner machines to save time and improve the accuracy of financial information. As much as credit cards and other forms of electronic payments have advanced in the last several years, most enterprises still receive a large volume of currency and paper checks from daily purchases. If managers continue to have their employees manually process this money, they may miss out on future chances to reduce overhead costs and improve industry competitiveness.

The nature of the current U.S. economy has also made the benefits of automated back office tools that perform multiple tasks all the more attractive to small and medium-sized firms. In fact, organizations can essentially eliminate the following issues from their daily operations by investing in dual purpose cash and check scanners:

Counterfeit cash
The U.S. Mint has come up with a variety of ways to prevent fraud and security issues related to currency. However, businesses can still get caught up in scams that have a negative effect on their bottom line financial numbers. WBBJ, an ABC affiliate based in West Tennessee, reported that police in Gibson County are currently investigating complaints from roughly eight separate local establishments that they have recently received large quantities of counterfeit cash. The fake money often has an impeccable resemblance to official U.S. currency, which makes it hard for managers and employees to truly know the difference. However, advanced dual purpose cash and check scanners have unique imaging technology that scans every single bill fed into the machine and automatically identifies counterfeits. This convenience can save businesses a tremendous amount of time in the back room, as most staff members would otherwise have to closely scrutinize every single dollar bill to catch instances of fraud.

Back office inefficiencies
These machines also lead to additional savings. For example, the ability to scan and image checks creates new opportunities to utilize electronic deposits as opposed to taking trips to and from the bank every week. A recent study from UBS Investor Watch, a quarterly financial publication, found many younger adults have demonstrated that they are averse to using credit cards above other payment methods such as cash and checks in the hopes of avoiding long-term debt. These trends could have a widespread effect on businesses - especially those that don't currently use dual purpose cash and check scanners in the back office. The flexibility of these tools is uniquely designed to help managers and their employees eliminate the stress out of these time-consuming financial responsibilities. 

February 24, 2014