3 Common Cash Management Mistakes to Avoid in Casinos

Efficient cash management is one of the challenging tasks, especially in a cash-intensive business like casino. Almost every day casinos are bustling with gamers who come to try their luck and splurge thousands of dollars. In order to be efficient in their operations, finance managers at casinos should implement the right cash management strategies. There are several common cash management practices in casinos that must be avoided to ensure efficient cash handling. Here are three cash management mistakes to avoid at casinos. 

1. Manual Counting 

Counting same bills twice just to ensure that there are no human errors is not only time-consuming but also labor-intensive. Incorporating smart safes instead, helps in collecting and counting money in an easy and hassle free way because these machines are error-proof. Though double counting is a good tactic when doing counting manually, however, using an advanced money counting safe reduces the chances of human error. Time saved can then be utilized to help employees focus on customer service and other tasks while ensuring accuracy. 

2. Keeping a Lot of Cash on Hand 

It is understood that casinos have to keep some cash on hand for big wins, but keeping a lot of cash at disposal leaves casinos vulnerable to misplaced money, internal theft, and shrinkage. To avoid any such risks, it is wise to make payments in check or a voucher if the winner wins more than the fixed storage limit. In addition, make deposits to bank on a regular basis so that you have less cash to manage and reduced risks of theft. 

3. Using an Obsolete Cash Management Solution

The market is rife with technologically advanced money counting safes that not only eliminate the risk of human error but also streamline the whole cash management process. Also, as casinos are the breeding ground for thieves, if you are using a traditional cash management system, it is time to replace it with an advanced money counting safe available on the market. Most importantly, the system should be equipped with counterfeit bill detector to reduce the risk of being scammed by tech-savvy scammers. 

The Bottomline 

There are many cash management solutions available on the market, but not every solution is right for every industry. When you are managing large amounts of cash on a daily basis, it is important that the system you use is equipped with current cash management strategies. In addition, by avoiding the three cash management mistakes discussed in this post, you will be more confident to make the cash management process in your business fast, efficient, and safe. 

5 Tips to Integrate Automated Cash Management in Hotels

Hotels have a large number of point-of-sale that are either fixed or mobile. All of these touch points receive a bulk of cash through endless transactions every day. If hotel managers and owners can automate their cash management at these points, they can enhance productivity, improve cash flow, and ultimately provide more time to their staff to concentrate on core business activities. However, there a few elements hotel managers need to consider to optimise their automated cash management systems. Here are five tips that will help them a lot in the long run. Take a look. 

1. Identify Weak Points

The first step you need to take as a hotel manager is to identify all those weak points for which you may need an automated cash management system. Are they increasing counterfeit bills, slow transactions during the peak hours, or some other issue? Analyzing these issues will help you in choosing an optimal automated cash management system. 

2. Prioritise the Transaction Points to be Automated

We understand that a business may not have enough capital all the time to install a smart safe or other cash management machine at all of their touch-points. Therefore, find out the weakest point and install the first automated cash management system there. 

3. Decide on the Type of Solution

There are endless number of automated cash management systems available in the market from smart safes to bill validators and currency counters. Ideally, as a business owner or manager you should look for a solution that can help in cash counting, detecting counterfeit bills, and also provide provisional credit. 

4. Train Your Employees

Installing a smart safe or other cash management machine is not going to help alone if your employees don’t have hands-on experience with the system. To ensure that you are able to take complete advantage of your investment, your employees should be trained to effectively use the machine. That’s why it is wise to look for a cash management provider that also provides training services on using their equipment. 

5. Monitor Progress Regularly

To ensure that the installed automated cash management system is delivering its desired results, it is essential to track certain business results. For instance, check how big an increase has there been in the operational efficiency of and inflow of cash in the business after installing the machine and if there are any areas that may need improvement. 

Conclusion

It isn’t uncommon to see hotel managers struggling with accurate cash counting and detecting counterfeit bills. Automated cash management systems can help them overcome these challenges. Simultaneously, an automated cash management system can streamline the entire operation and enhance productivity by simplifying cashier checkouts and eliminating internal shrinkage.