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Money counters valuable in maintaining safe cash-handling practices

Money counters valuable in maintaining safe cash-handling practices

Using cash counters is a valuable strategy in the back office. The machines offer many functions, not the least of which include detecting counterfeits, sorting and counting bills regardless of their denomination and giving accurate reports on the money a retailer has at the start and end of a work day. The counterfeit detection technology is comprehensive enough to identify many different forms of fake money, while the quick scanning enables managers to work on other things, cutting down on time required for administrative tasks such as setting up cash drawers for customer-facing employees. Better cash counting is an important hallmark of an efficient backroom operation.

Safe cash handling works well when paired with money counters

One of the key focal points of effective operations is proper cash control. This is especially important when the business in question is a retailer, restaurant or other service-based storefront. Improper and insecure handling practices can result in money being lost or stolen, which cuts into the small daily profit margins these businesses have. It can also increase the stress of the management, causing them to waste time on dealing with unnecessary and unwanted cash flow problems. Following basic best practices assures these shops can focus on other matters that ensure their growth.

There are various ways to safeguard cash in an effective manner, and the University of Utah offers a helpful guide in this capacity. For example, when the store is closed, any form of cash or other methods of payment should be in some form of safe, vault or other locked storage unit. Managers and owners must limit access to these areas to themselves and trusted employees that need it. During business hours, stores should have any money in use kept in secured boxes such as cash drawers and registers, with only the clerks in control of these tills allowed access.

Cash exchange is also important. Many businesses that require cash for operations use a transport service that delivers their daily or weekly deposit from the bank through an armored truck courier. When they receive a shipment, they should log all the details about the deposit, then count up the money before placing it in registers. This is where a money counter becomes particularly useful. It can quickly sort and count deposits, especially large ones that would take a lot of time and people to complete otherwise. That cuts down on overhead, enabling management to focus on more important tasks.

November 4, 2015