As a business owner, you trust your employees with your income. You trust that they are providing your customers with exceptional customer service, ensuring that they will return for additional business. You are also trusting that they are honest and are appropriately handling your cash during register transactions. Although you hope that you hire the best employees for your business, it is always wise to protect your income, as well. Consider implementing the following safety measures in your business.
Security cameras are a great way to monitor business transactions. You do not have to view the footage on a regular basis, but have access to it, if needed. If you begin to realize that your register is always short, you can view tapes to see where the issue is. Security cameras can also be great for when mistakes happen. A customer may question the amount of change they received or claim that they were not given their items. The camera footage can help to dispute these types of claims.
Security cameras can be especially beneficial in automated machines. Banks rely on automated teller machines for deposits and withdrawals. Without a camera present, you would be unable to prove that the customer did, indeed, receive the correct amount of cash. Cameras can also be useful nearby cash recycling systems. Many cash recycling systems are also automated and customers may question that their cash was counted correctly by the machine.
Signature based transactions
Currency or transaction discrepancies are easier to solve when the problem is noticed immediately. However, it can get confusing when a customer returns hours later to inform the company of a mistake that was made. When you require signatures of all transactions, you are asking the customer to ensure that their transaction was handled properly, before they leave the business. This can drastically reduce complaints that arrive hours after the incident occurred.
Advanced technology programs in machines
Technology that is outdated may not have the same abilities to identify specific amounts of cash. For example, automated teller machines that are older cannot accurately accept cash. The machines are unable to distinguish exactly how much cash was deposited into the machine. The customer has to accept this liability and it can reduce customer satisfaction rates. In some modern automated teller machines, however, currency counters allow for cash deposits without envelopes, since they can identify which bills have been inserted instead of just how many.
Advanced business scanners such as this can help to reduce discrepancies that can cost the business money over time. Business owners can also utilize more advanced of cash registers that actually track the amount of money in the register. The business owner is provided with an end of night print out, showing them all transactions, and the exact amount of money that should be in the register, down to the specific coins. Cash management accounting is a great way to cut down on user errors.
Utilize cash counters
Businesses that do a lot of transactions with cash could greatly benefit from a cash recycling system, or a cash counter. It is a machine that counts, accurately, large amounts of cash. Cash counting machines allow a business to maintain 100% assured accuracy for cash transactions. Counting notes by hand is time consuming and is usually carried out two or three times to make sure the numbers are correct to correct any human error. Coin and note recycles can help with accurately counting large amounts of coins.
Business owners put a lot of work and detail into creating a successful business that produces profits. Many business owners are losing out on their profits with minor mistakes or dishonest employees. Implementing security measures, such as with security cameras, cash recycling systems, signature based transactions, and advanced computer tracking programs can help reduce the amount of profits that are lost, leaving the business owner with a more successful and profit producing business.