How to Improve Employee Safety with Automated Cash Systems - Brink's Cyprus
How to Improve Employee Safety with Automated Cash Systems
20 Apr 2020
How to Improve Employee Safety with Automated Cash Systems
Retailers are always looking for new ways to streamline operations without increasing costs or sacrificing security. However, many businesses still manually handle their cash and are all too familiar with the challenges and risks that come along with the traditional cash management process.
Every day, managers and employees spend countless hours preparing and counting deposits, pulling them away from other essential job duties. Employees also run the risk of potentially losing profits through accounting errors, accepting counterfeit bills or internal theft when doing tasks by hand.
In addition to in-store cash handling tasks, more time and labour costs are spent when employees make dangerous trips to and from the bank. Throughout the day, managers and authorised employees are exposed to various risks, including theft. This is particularly true for employees who transport cash deposits to the local branch or return with change or smaller bills for their tills.
Business owners and managers also face the challenges of employee accountability with manual cash handling processes. Management is often left wondering who has access to their cash and where exactly the funds are. Additionally, they’re unable to reconcile discrepancies or track lost or misplaced cash as needed.
Has your business experienced any of the frustrations above? You’re not alone.
Continue reading to see how retailers are automating common cash handling tasks to overcome these headaches and better secure their employees.
SCENARIO 1: AUTOMATED POINT-OF-SALE SOLUTIONS
At the start of the business day, a cashier begins their shift with a starting till. Then, throughout the day, cash sales increase the amount of money in the till. In an ideal situation, managers could come through for a till sweep or employees could deposit the excess cash in a drop safe while ensuring customers are still assisted. But many times in fast-paced environments, managers may be pulled away from assisting customers or employees are unable to step away, resulting in cash build-up in the tills.
- Excess cash increases the risk of internal theft or misplaced profits
- Multiple touch points and a lack of accountability occur from the point-of-sale to the drop safe
- Employees are exposed to danger any time cash is transferred from one location to another
- Time and labour are spent manually counting and preparing the cash deposits
Solution: Implement a Smart Safe
Smart safes are designed to boost the efficiency of the cash handling process directly at the point-of-sale. With a smart safe, cashiers can deposit cash directly into the safe into a secure location after each transaction. This solution provides a safer alternative to transporting large quantities of money to the back office.
Smart safes also increase employee accountability, as the safe requires the employee to enter an identification code prior to every deposit. This enables managers to track all deposits made by employees, eliminating the opportunity for internal theft.
Lastly, a smart safe will automate the deposit preparation process, giving managers more time to focus on the essential duties of their role. After each deposit, the safe sends the data to a secure online portal where customers can remotely track their cash flow.
In using a smart safe, retailers can enjoy peace of mind knowing that their bottom line is secured immediately and that employees can remain focused on their responsibilities.
SCENARIO 2: OUTSOURCING CASH-IN-TRANSIT SERVICES
Manual cash management often requires managers or other authorised employees to leave the store and deliver deposits to the bank, sometimes more than once a day.
Additionally, many retailers require two employees to go to the bank at the same time. This security measure requires extra labour and time away from serving customers, which can ultimately detract from achieving business goals.
Managers are also responsible for receiving change from the bank, such as coins or smaller denomination bills. Many banks charge a fee to process the change, resulting in higher costs for the organisation.
- Employees are exposed to risk of theft when transporting cash to and from the bank
- Various touch points are required from the store to the bank
- Making frequent trips to the bank is both time-consuming and labour intensive
- Added costs of various bank fees accumulate over time
Solution: Partner with a Trusted Cash Logistics Provider
Trained security professionals will securely transport store deposits directly to the bank – eliminating the risks of theft and compromised security of both employees and cash. Armoured vehicles also increase cash handling accountability. The armoured vehicle guards ensure the deposits are secure before leaving the premises, removing the opportunity for internal theft.
Additionally, working with a trusted armoured carrier allows retailers to simply place change orders online or receive the order their next service day. Retailers also save money as the armoured services fee is typically less than the change order fee of a bank. Plus, this capability eliminates another risky trip for managers.
Finally, the cash logistics provider will give the customer access to a secure client online portal where managers can both place and track their change orders for any of their locations, as well as run reports for services. With added efficiency, managers and employees can reallocate the time saved from frequent trips to the bank, as well as ensure that their business is running smoothly and that all customer enquiries are addressed.
SCENARIO 3: INTERACTIVE REPORTING DASHBOARDS
In addition to making risky trips to the bank, managers are also responsible for ensuring that the deposit arrives and is completed before the bank deposit cut-off time. If their deposit arrives too late, it will not appear on their bank statement until the following day, causing a deposit discrepancy.
Manual processes also lack an accurate paper trail of all transactions and deposits. Even if a retailer uses a tracking system, they may be required to log into multiple platforms to find the necessary data for reconciling their records.
- A lack of paper trails makes reconciliations more difficult
- Managers are unable to quickly identify and resolve accounting errors
- Inaccurate reporting prevents the organisation being able to forecast for their cash needs
- Data in multiple locations is not streamlined or efficient
Solution: Employ Automated Systems with Reporting Features
Retailers using an armoured vehicle service and automated systems like smart safes can now access all of their deposit information on a single platform. Since the portal is online, retailers can simply manage their cash and store locations from anywhere at any time.
This convenient access to reports, proof of deliveries, and dashboards in a centralised portal enables the customer to resolve any discrepancies on their bank statements. Managers can now save time and return to the essential duties of their role in the store to keep employees on task and customers happy.
Retailers are familiar with the challenges and risks to their employees associated with manual cash management. Fortunately, retailers no longer have to shoulder these burdens thanks to the developments in cash technology and services offered by cash management companies. Organisations can rest assured knowing their employees are protected and not exposed to any threats. And with a peace of mind, employees can focus on their daily duties rather than manually counting and making dangerous trips to the bank.
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