Dual-purpose cash and check scanners help municipalities raise efficiency without overextending their resources. Although the national economy has been in a phase of recovery for the past few years, this progress has not been consistent in different regions of the country. The National Bureau of Economic Research announced the official end of the recession in June 2009, but many cities have struggled since that time. Other municipalities have experienced a strong recovery from the labor market and increasing home values.
Personal finance website NerdWallet released its "Recession Recovery: Cities That Have Improved the Most" report to assess the progress made around the U.S. in the five years since the end of the recession. The group studied U.S. Census Bureau data to contrast the changes in unemployment and median household income, as well as the shift in median home values. Texas was home to 8 of the top 10 most improved cities, which resonates with a recent report from the U.S. Census Bureau that found that several of the fastest growing municipalities were also in Texas. Shifting populations will put more pressure on city workers to handle an influx of paperwork and payments.
Recovery not uniform across the country
While these findings bode well for some areas, not all cities are experiencing the same level of recovery in terms of unemployment, salary growth and rising home values. In fact, NerdWallet discovered that Florida was home to 8 of the 20 least improved cities. After filing for bankruptcy in 2013, Detroit was second to last on the list.
The most improved municipalities were mainly midsized cities or municipalities located near major metropolitan areas because these communities were able to benefit from the effects of economic development initiatives in nearby cities, according to Forbes.
Regardless of the level of economic recovery municipalities are experiencing, many can benefit from implementing dual-purpose cash and check scanners to increase efficiency. Some cities may be dealing with rapid increases in population, and this can help employees process payments more quickly. Other municipalities may need to do more work with fewer resources, which can be problematic when they do not have the right tools in place. Many cities that have not experienced a high level of recovery since 2009 are under a lot of pressure to reduce operating costs, and cash and check scanners are one way that this can be accomplished.
June 25, 2014