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. 

Cash Dispensing Safes: A Wise Investment for Cash Intensive Businesses

USA’s first ATM, the first-of-its-kind cash dispensing machine, made its debut in the year 1969, and revolutionized the banking industry by eliminating the need for customers to visit the bank for withdrawing money. The use of cash dispensing feature, however, did not remain limited to ATMs, as soon the market witnessed the introduction of cash dispensing safes. These automated cash management solutions helped cash intensive retail businesses streamline their cash handling process and making it more secure and safe. On that note, we discuss a few reasons that make cash dispensing safes a beneficial proposition for cash intensive businesses.

Overcoming Common Cash Management Issues at Grocery Stores

Grocery stores deal with a lot of cash on a daily basis, and as a result, there is a need to address the cash management challenges to optimize operational efficiency and profitability. Until stores address their cash management challenges, it is difficult to achieve high profitability. The blog discusses cash management issues in grocery stores and how introducing smart safes is always an effective solution. Let’s begin.

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.