Currency Manipulations and Preventive Mechanisms: A Brief Guide for Retail Businesses

Cash is the king and where there is cash there are always chances of cash shrinkage. Retail businesses face the challenge of handling a large cash volume on a daily basis. Dealing with a large amount of cash increases the probability of manipulations and leads to internal and external thefts. The blog post discusses cash shrinkage challenges faced by the retail stores along with possible preventive mechanisms.

1. Cash Theft

Internal cash thefts take place as a result of discrepancy in the cash handling process. A cashier can collect money and not make an entry in the cash register, which makes it easy to remove the cash at the end of the shift. Such cash manipulations are often unnoticed due the absence of an automated process to record each transaction.

Using an automated cash safe can prevent such instances of theft. A cash safe not only stores money but creates an electronic record of every cash transaction. Automated cash management systems provide real-time reports to audit the cash transactions. Cash safes eliminate the need for handling cash manually, minimizing the possibility of manipulations and reduces the instances of internal and external thefts.

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.

3 Effective Ways to Protect Your Business Revenues

The risk of fraud and internal theft is a harsh reality for most businesses that need to deal with loads of cash every day. Dishonesty on the part of employees is a major concern that organizations have been facing for long. Often resentful employees cause businesses incur huge cash loss. This is why an increasing number of companies are opting for commercial safes. They are indeed the safest way to secure your cash.

A report by ACFE or Association of Certified Fraud Examiners in 2014 reveals the following statistics:

• 77 percent of frauds involve staff working in seven departments including accounting, sales, operations, executive/upper management, customer service, purchasing, and finance.
• 4 percent of all the studied fraud cases occurred due to asset misappropriation, which consists of cash theft, defalcation, and so on.
• Only 14 percent of businesses fully recover from fraud losses.
  

Ways to Select the Best Safe that Caters to your Requirements

The amount of available cash is a key indicator of the success of every business. This is the reason why optimizing cash flow and managing deposits efficiently have become the primary concern of all cash-intensive industries.

An effective way of the hassle-free handling of cash and protecting against burglary is to opt for a smart safe. You can invest in a high security safe that cost-effectively protects all your savings. Proactive research is indeed necessary to find the best security safe that caters to all your specific requirements.

The instructions below will help you in finding the perfect security safes:

• Assessment of the specifications- To begin with, you need to assess what kind of safes you want to buy. Safe manufacturers offer unique specifications for different safes. It is ideal to do a threat-assessment of the protection level required for your safes. If you are planning to buy a theft proof safe, high-security safes with electronically recorded details will definitely be the best bet. It is also advisable to consider the design and the quality of the material used in the safes. Premium grade 80 steel is preferred by users over cheaper steel. This is not only known for high-strength and low weight but is also resistant to atmospheric corrosion.
• Additional features- In recent years, retail stores have replaced podium drawers at the front end with electronic safes. Smart electronic safes not only integrate the best validator technology but also provide great protection against counterfeit bills. Thus, managers and cashiers can easily validate the notes received and this eliminates the risk of discrepancies with the customers.
• Some safes also come with coin acceptors that have the ability to count and sort the coins according to the denominations for recycling the coins and also for the bank deposits. 
• Rich Reporting Modules- the optimization of cash flow has become the basic priority of all industries. It is advisable to opt for smart safes with advanced credit. The armored vendor will electronically transmit the cash deposited through bill validators for all the locations. The bank credits your account even before the cash is physically transported.
• Price-The size and special features of the safes determine the price. Well-designed safes are always a good investment. However, numerous safe manufacturers offer superior designed safes at an affordable price.

By considering the above points, you don’t need to take too much trouble in selecting the best security safes that caters to your needs.

Take a Smart Step by Opting for Smart Safes

Your business is all about making money, therefore be sure that you handle your money intelligently. As a business owner, you will be well aware of the fact that cash is one of the most vulnerable items that you have. Theft attempts are inevitable, but a few smart steps will ensure that you don’t lose your hard earned money for some silly reason.

The introduction of Smart Safes has proven to be a blessing for business owners. Smart money handling tools have enabled business owners to protect themselves against big losses that are generally associated with traditional safes. These safes developed by the security firms have started incorporating the best practices to prevent theft and misappropriation of cash transactions.

Advanced functionality
Smart safes have revolutionized the cash management system. Smart safes are known for accepting, counting and in most of these cases, validating the bills. They are known to function as reverse ATMs. The safes can be linked directly to bank networks and they also keep track of the amount of money that has been deposited. When the bills are deposited in the safe, they will stay there until the bills have been collected by the cash-in-transit provider.

The main advantage of smart safes is that they have the ability to dispense coins and notes in bulk. This is of great help for operators who need to keep close track of daily cash transactions. Another advantage to opting for a smart safe is that it eliminates the extra effort required to keep additional dollars inside of the cash drawer. Those extra dollars only increase the chance of theft.

Benefits of smart safes
One of the main benefits of using a smart safe is that it improves cash flow with the daily crediting of cash that has been placed in the smart safe. This will eliminate the extra work of having to physically deposit the cash at the bank. In addition, you don’t have to have a daily armored service pickup, thereby lowering your additional expenses. These safes will help you eliminate deposit adjustments and they will also save you from having to prepare currency deposits.

Many businesses have started using smart safes as an easier and more convenient alternative to cash handling. The numerous advantages of these safes have made them a necessity to businesses that handle a lot of cash every day.