Embracing Cash Technologies to Combat Labor Challenges

For decades, companies and business owners alike have been searching for the answer about how to effectively manage cash within their stores. As those decades have come and gone, new generations are still pondering this same age old question – how do we keep our cash safe without increasing the amount of time that it takes to manage it? The answer to this question may not be as far away as one may think.

Today, companies and business owners are also faced with another age old problem – labor. As the average wage of the U.S. labor force continues to increase, businesses are challenged to adapt and find savings elsewhere in their organization to offset these rising costs. But how does a business continue to navigate through the challenges of a changing workforce, while remaining focused on addressing other important needs, such as cash handling? The answer is through smart deployment of focused, cash management technologies that are aimed at addressing multiple challenges.

Businesses typically spend 5+ hours a day managing cash. This time is often spent
by a manager preparing cash drawers in the morning, pulling excess cash
between shifts, going to the bank for change, and preparing deposits.

 

Preparing deposits and having an employee take it to the bank alone can take upwards of 2 or more hours, which opens the door to discrepancies in count, risk of theft, and lost labor hours when employees leave the store. A manager making $15 per hour would in essence be costing the company a minimum of $2,300 per month to handle all of this activity. While no one would suggest that this manager is no longer necessary if technology was introduced, what if that $2,300 could be used for other tasks or responsibilities that are currently not receiving the focus that they deserve? What if additional employees didn’t need to be hired and labor could be reallocated more effectively? Labor efficiency benefits and decreasing security gaps in cash handling are both achievable in cost effective cash management technologies.

The evolution of the smart safe now provides businesses with a solution to help solve these challenges.

The smart safe brings cash management out of the Stone Age and into the
modern era with accountability, visibility, and reliability. It’s almost like
hiring a full-time employee to handle cash at a third of the cost.

 

In many cases, smart safes are directly integrated with armored car services and support to completely eliminate the need to ever go to the bank again. Since smart safes communicate, many banks will even offer customers daily credit for the validated funds, even though physical notes remain on location and secured inside of the safe. This provides companies better access to working capital and cash flow needed to run their daily business.

Customers are able to monitor their safes through secure online portals that allow them to see activity and make business decisions around their cash remotely. By allowing the smart safe to take over responsibility for many of these otherwise manual processes, your employees remain safe and in the store to work with customers and your team, thus maximizing payroll dollars being spent by the business owner or company.

 

cash manager smart safe

 

Technology for the sake of technology has never been a wise investment. However, leveraging technology to generate a real return on investment is perhaps the smartest thing a business can do to increase their bottom line. From computers, smart phones, tablets, and more, the business world is more connected than ever before. The “internet of things” has opened the door to unprecedented visibility to how we go about business. Utilizing this information to take action and create positive change in our businesses has now become the mission for what this technology was ultimately meant for.

Despite the rumors surrounding the demise of cash, managing cash within our stores remains a paramount objective for most business owners looking to streamline labor and optimize security. Through deployment of focused, cash management technologies, such as smart safes, businesses can begin to bridge the gap between labor and the cost of daily store operations. The combination of hard cost dollars and labor savings make smart safes a compelling technology for any business that handles even the smallest amount of cash. As every business is looking to control labor cost for years to come, smart safes help eliminate the need for additional labor that will undoubtedly grow at a faster pace than the cost of adopting this technology.

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