Money Matters – Keeping it Safe Matters More

Money that Came as a SurpriseThere was an interesting story in the ‘New York Daily News’ a year back (in 2013). According to thenews, an elderly woman who had her account in a bank at Borough Park in New York City found thatthere was an extra $100,000 in her safety deposit box! The woman reported this to the bank and thebank took the money from her but offered no explanation. It was the woman's honesty that saved thebank from a huge embarrassment.

As there was no clarification provided as to how so much extra cash made its way into the woman’ssafe deposit box, we may assume that it could have been a case of a counting error or misplacement.Now, let us suppose that you have a retail business where bundles of currency are stacked every day;Imagine what may happen if such a counting error happens in your case. If the person who managesyour cash does not turn out to be as honest as the old woman above, you may end up losing a fortune.

This is why you need a robust and technological-based Cash Management System that can validate,count and secure your cash with the least amount of human intervention.

Why Managing Cash Well MattersUsually, retail companies manage the flow of currency into their businesses manually. It leads to highcosts and low returns due to the significant amount of time and effort needed for counting andre-counting cash and documenting the whole thing.

Moreover, extensive human intervention poses a high security risk. There are still many businesseswhere a register or a basic retail vault is still the main repository for keeping all the cash. Due to therequirement of manual handling, the cash remains in the vault uncounted until a designated personstarts counting it or takes it to the bank.

In this context, a retail business is left with two choices – hiring an electronic cash managementservice provider or taking the risk of giving the cash handling responsibility to an employee. Also, inthe case of daily cash pick-ups or evening deposits, the amount is not likely to remain credited to theaccount for long, which may result in slower cash flow into the business. In addition to this, there ishigh security risk during the transportation of cash due to the increasing attempts of theft and robbery.

A cash management system company can provides a technology-based and highly secure cash safethat takes care of business challenges like preventing cash loss, employee integrity and havingcomplete financial transparency.

Utilities Provided by a Smart Cash SafeWith the help of such technology, retailers can free their employees from manual cash managementthat is quite time-consuming. They can spend that time saved providing services in other key businessareas. Retail treasurers can manage the working capital of a business more effectively by using anelectronic cash safe. This will help eliminate trapped cash, reduce dependency on armored carriercharges, gain quicker access to the cash, reduce the risk of loss and have complete control over cashmovement.