5 Ways to Increase the Efficiency & Security of Your Department - Brink's Cyprus
5 Ways to Increase the Efficiency & Security of Your Department
20 Apr 2020
5 Ways to Increase the Efficiency & Security of Your Department
No matter what government department you work for, your organisation most likely accepts cash as a form of payment. From collecting taxes and parking ticket fees to utility bills and more, government offices receive a surprising amount of cash each year.
In addition to accepting cash, employees of government organisations are also tasked with adhering to the established mandates and regulations of their office. While these procedures are meant to ensure the safety of deposits and everyone on premises, government employees are all too familiar with the challenges that come along with manual cash management, including:
- Risky trips to deposit cash or make change at the bank
- Lack of response and communication on request for proposals (RFPs)
- Increased risk of theft and loss due to excess cash on site
- Time-consuming tasks of ensuring that deposits and funds are balanced within 24 hours
These frustrations and risks caused by manual cash management often lead to missed deadlines and compliance violations. Establishing an efficient cash-handling policy can sometimes be difficult, especially when departments are unable to get a response from their RFP or answers to questions for their cash management provider.
Fortunately, with the following best practices in place and a trusted cash-in-transit (CIT) provider, government organisations can streamline their operations to improve the safety and efficiency of their organisation.
Quick Tips to Improve Cash Handling
In order to better streamline day-to-day tasks and ensure the safety of your cash, consider the following steps below:
1. COMPLETE THE RFP PROCESS
Most government organisations outsource their cash management to a cash-in-transit provider. As you review potential contracts, consider whether or not the company selected can meet the security and communication needs of your department. Working with an experienced company will help to simplify the process, save your organisation time, and ensure direct customer support to assist with questions, both during the bidding process and after implementation.
2. ESTABLISH A CLEAR CASH HANDLING POLICY
After selecting a cash logistics provider, be sure to clearly outline all procedures for accepting cash payments. This policy should include deadlines, a list of employees with authorised access to funds, and a location where cash should be stored prior to a bank deposit.
Once the policy is complete, ensure that all responsible parties, including the CIT provider and employees, fully understand their roles and responsibilities.
3. MINIMISE THE AMOUNT OF HANDS HANDLING CASH
Reducing the amount of people handling cash from transactions to bank deposits helps to avoid the possibility of fraud, counting errors, and theft. With this, it is essential that only authorised personnel handle the cash, and that all cash is kept in a secure location until it is picked up for deposit.
4. LEVERAGE ARMOURED SERVICES
As you complete your contract for a CIT service, be sure to include armoured services. Trained security professionals will work with the government organisation’s current security policies to ensure they meet the regulations to provide the most efficient and safe deposit pick-up.
At the same time, the CIT provider can also deliver change orders. This keeps employees in the office, in front of visitors – letting them focus on their job duties and ensuring their department continues to run smoothly.
5. IF THE BUDGET ALLOWS, INVEST IN A SMART SAFE
Implementing a smart safe can help automate the cash handling process. The safe not only secures the deposits, it also increases employee productivity by letting them get back to their other responsibilities rather than manually counting cash.
However, smart safes may not fit in the budget. In that case, look into other security products, like a vault or safety deposit box, to ensure the cash kept on site is secure until it can be transferred to the bank.
Government organisations that implement these practices and use a trusted cash logistics provider can ensure their office, employees and deposits are better protected and prepared for accepting cash payments.
Working with a CIT provider is a cost-effective solution that ensures payments are made by their due dates while reducing operational risks to the department. Additionally, organisations can improve visibility into their cash flow, giving them a greater opportunity for active management of their funds.
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While these procedures are meant to ensure the safety of deposits and everyone on premises, government employees are all too familiar with the challenges that come along with manual cash management.
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