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. 

3 Ways Smart Safes Boost Business Productivity

Cash transactions in retail businesses happen in a jiffy and the focus of cashiers always lies on cutting down queues, as soon as possible. Ironically, in the race of reducing queue numbers, the efficiency of cash handling is often compromised. Reckless human intervention increases the chances of accounting errors, whereas any loose end may may result in cash shrinkage. Any discrepancy in the sales and collection at the end of the day is questionable and may cause problems for the cashiers.

A cash management safe helps in counteracting such challenges faced as a result of manual cash management and improves the productivity of the employees. Let’s discuss three ways cash management systems boost the productivity of the employees.

4 Commandments of Effective Cash Management in Retail Business

Although most people prefer to use plastic money these days, there are still businesses that primarily rely on cash for daily transactions. As a result, managing cash is still a challenge for many businesses. To manage cash in a business setting, cash management systems and solutions in the form of cash safes and coin collectors were introduced in the US, way back in 2000; however, these solutions have not been used to their full potential as many business owners are still unaware of their utility. There are certain rules that businesses need to follow to effectively manage cash and we explain them here one by one.

Install Smart Cash Safes

Smart cash safes are the apt solution to enhance the cash management efficiency of a retail business. Modern safes provide numerous features using bill validator technology such as anti-theft, counting cash at a high speed, managing the record of each and every transaction and detection of counterfeit bills.

Increase Employee Awareness

Active and knowledgeable employees who understand all the aspects of cash management are always an asset for any business. Several     times, it has been found that criminals who run for easy money always target those employees who don’t pay much attention. It is therefore necessary for employees to be alert all the time and keep an eye out for unwanted elements.

Train Cash Handling Staff

It is quintessential for retail businesses to train their employees about the cash management systems and solutions. The training involves educating them about the nitty-gritty of cash management solutions and informing them about the basic compliance standards they need to follow regarding cash flow.

Use Effective Signs

To prevent robbery or theft, using effective signs is a potent measure. Signs such as ‘you are under video surveillance’, ‘no bill is accepted over $40’ and ‘for everyone’s safety we always keep minimum cash’ may be used to enhance the cash management system of retail businesses and any other similar business who needs to manage a huge amount of cash.

The Way Forward

Adopting contemporary cash management solutions and training employees regarding the possible threats in cash management are quintessential for any retail business. Although smart safes may be expensive, but in the long run they prove to be quite effective in providing better management and safety of in-transit-cash.

Coin Acceptor - A Smart Solution for Cash Management

A coin acceptor is an electronic device that validates coins deposited based on physical properties. The machine checks the diameter, magnetic content and thickness, and then sends a signal to the output connector. Once deposited, the coins take different routes to start the validation process depending on its mech. Whichever route the coin follows, it will pass through a series of sensors.

Optical and inductive are some of the most common sensors that are used for this purpose. While the optical sensors use light beams to measure the size of the coins, the inductive sensors help in determining the denomination and type. These measurements are done quickly. After the coins have been scanned, the validator decides whether to accept or reject the coins that have been deposited. When the coins pass through the sensors the readings are compared with a pre-programmed parameter that exists in the memory of the coin acceptor. If the coin is not valid, it’s routed back to the reject cup. This will save time and also help you detect counterfeit coins within a short span of time

Advantages of Using an Advanced Cash Management System
Advanced cash management systems  increase workplace efficiency.  Cashiers don’t have to recount coins at regular intervals with a coin collector. It also increases accountability as bills and coins are verified for the denomination and immediately stored in the safe. The main advantage of using an advanced cash management system like a coin acceptor is that it helps in detecting counterfeit coins. 

Benefits of Technologically Advanced Cash Management Safes

Traditionally, it was believed that profit was the key indicator of success. With time, business professionals have realized that apart from profit, cash is something more fundamental for every business purpose irrespective of the size of the business. Retailers across the globe now understand that inefficient cash management can hamper any business.

Whether your business handles only a few dollars in a day or funnels in cash from slot machines, cash kept on the premises has the unfortunate side effect of robbery! It thus becomes crucial for businesses to opt for innovative and cost-effective cash-management systems. Safes come as a great option for ensuring that deposits have a reduced risk of internal and external theft. A strong safe not only improves operational safety but also allows your investment to pay back. Cash management safes are now widely being adopted in cash intensive businesses for protection of the cash and better control of cash flows.

Effective Counterfeit Detection: For grocery stores and other cash intensive businesses, it becomes extremely crucial to validate large amounts received from the customers. The innovative safes rely on modern UV lights and counterfeit pens which immediately validates the large notes without much effort.

Safe Cash: In convenience stores, managing cash at the front end heightens the risk of both internal and external theft. Advanced cash safes ensures that the cash remains closed and protected throughout the day.

Internal and External Shrinkage: Cash management safes comes with numerous security features which optimize the protection of cash from the risk of theft and robbery.

Bank Deposits and POS Cash Drop: Large scale businesses depend on provisional credit for the efficient management of cash. Once the cash is collected in the business center, a provisional credit is created in the bank account much before the cash is actually deposited in the bank account. This has definitely streamlined the processes by eliminating the strenuous and hectic manual process.

Enhances Operational Efficiency: Counting the cash till the closeout process is often strenuous and time-consuming. Advanced cash management safes maintain a perfect count every time users deposit cash. The interactions are electronically recorded and gets ready to be printed at a moment’s notice.

Safer Environment: Once the cashier deposits the cash, it is never necessary to recount the cash. Additionally, the high-security lock and keys narrow down the risk of drill attacks creating a much safer and more secure environment. This not only brings peace of mind but also increases the productivity of the manager by saving his precious time.

Ideal for Cash Intensive Environments: Fast, secure and accurate safe systems improve cash flow. With electronic recordings of each cash deposit, the data is also securely transmitted to crucial stakeholders and banks. Again, with clear information, banks too offer provisional credit against the cash deposited in the safe even before the cash is actually deposited in the bank. Now, you can easily forget the dangerous practice of carrying huge amounts of cash for depositing in the bank.

Multiple Benefits of a Cash Dispenser

There was a prevalent belief that profit is the indicator of a successful business. Eventually, it has been realized that inefficient cash management and lack of control over cash flows can hamper the company’s competent ability. To enhance operational efficiency and security, cash intensive businesses including convenience stores, grocery stores, hotels, casinos and restaurants should adopt effective cash management safes.

Until today, numerous retailers prefer manual cash management systems. The traditional mode of counting comes with various shortcomings. Technologically advanced cash dispensing safes come with multiple advantages such as cash flow processes, daily balancing, smooth transactions and member interactions. Cash dispensers also reduced cash handling, thus improving workplace safety.

Dispense Change: In the cash dispensing safes, the manager can load currency or coins into the safes. This effectively offers secure and free access to the employees throughout the day. The machine also offers an inner visual inventory which makes it more efficient.

Fund Validation: If you want to install a cash dispensing safe, look for manufacturers who offer safes with quality bill validators. Cashiers can use the safe to validate large notes. This immediately reduces the risk of discrepancy with the customers. With the bill acceptance, the counted cash is efficiently secured in cassettes for convenient deposit.

Efficient Recording of Activity: Once the deposit is done, all the interactions are recorded electronically. This not only helps in generating reports but the personal identification pin is extremely useful in the auditing of end of the day activity and user reports. Cash dispensing safes make the most crucial information easily available!

Security: Securing and protecting cash is definitely the most crucial function of the safe. Constructed with rigorous standards, each point of access is securely protected and this lowers the risk of burglary.

Cash Control: Effective cash control has always remained a matter of concern for businesses. With seamless accounting between the bank and the POS, smart safes offer the best cash control by limiting cash exposure. Additionally, it increases profitability and enforces some of the best corporate policies.

So, if you run a convenience store, casino, amusement park or restaurant, make sure you use a cash dispenser to enhance security and operational efficiency.