October 20, 2020 Last updated October 20th, 2020 222 Reads share

Improve Time Management Starting With Cash Management

Image Credit: DepositPhotos

Thanks to the marvels of modern technology, the world today is more primed to support businesses of all sizes than ever. However, this comes at a cost-competition. Companies have to do everything in their power to be as effective, efficient, and profitable as possible so that they can survive in the competitive marketplace. As such, time management takes center stage in the survival of any business. For businesses that handle cash daily, it is a good idea to start with cash management to manage time. Automating monotonous tasks such as counting cash with a money counter machine can improve a business’s time management, reduce errors, and increase revenue.

Let’s discuss how cash management can improve time management:

Increases Efficiency

Machines designed to count bills are much faster at the job than even the most efficient employee. And it’s not even close! It takes a machine just a few seconds to do a count that would take an employee 10 to 15 minutes! Furthermore, a human may need to recount the money to be sure, and any discrepancy between the two counts could warrant a third resulting in more wasted time. On the other hand, a cash counter is accurate with its counts each time besides being much faster.

Frees Up Staff

Because automation makes counting money so much faster, there isn’t much reason to have manual labor do the work. As a result, you can reallocate your workforce towards other tasks – ones that require more human interaction. For example, you could have them work in sales or customer service. By doing so, that employee would be helping generate more revenue for your business instead of being stuck doing a menial task that a machine could easily carry out.

Fewer Errors

When a human is asked to do a task such as counting money for extensive periods, they are bound to lose concentration and make errors. While these errors may be small in isolation, over time, they can lead to massive shortfalls. Machines don’t encounter these issues. A money counter machine can work for hours on end and barely ever make a mistake. It will separate all notes and take them into account, even ones that are old and stuck together. The modern money counters are also often capable of self-diagnosing errors and alerting you immediately.

Fake Notes Detection

These days, many cash counting machines can detect fake notes or ones that are so worn out that they are unusable. This is a massive benefit as counterfeit notes could cause significant losses for a business. There will be no arguing that a note is fake once the machine says so! This prevents disputes with customers that could arise if the notes were checked manually for authenticity out of the picture.

Ease of Use and Versatility

Cash counters are small enough to fit into any setup and entirely portable so that they can be carried from place to place. Some are battery-operated and can even run through power failures. They are usually relatively easy to use with touch screens and a user-friendly interface. After the initial setup, the machines can count automatically, without ever needing to press even so much as a button. Simply place the stack in and let the machine take over.

New counters don’t just count the number of papers; they can accurately determine the denominations and give you the total amount. Separating the bills is thus not necessary if you are in a hurry. And that’s not where their utility ends. They can even be programmed to count other things, such as cheques, stamps, and vouchers.

Improves Employee Satisfaction

It’s no secret that everyone hates boring jobs. Tasks such as counting bills for several hours of the day are mind-numbing and exhausting. By having a machine carry out that task, more employees can be given better, more exciting roles. You can even offer your employees better pay either upfront or, in the case of salespeople, in the form of commissions. These factors boost employee morale and motivation to do better as they are doing a job that seems more worthwhile and potentially getting better pay to boot.

Increases Profits

Fewer errors mean a reduction in losses. This diminishes the need for frequent audits. When they do happen, the audits are much smaller headaches since the books are cleaner. Since a significant workflow is automated, you can hire fewer employees and reassign those remaining to better jobs. This helps save the business lots of money while increasing revenue. With faster lines and more staff to support them, the customers’ experience with your company improves. This makes them more likely to buy your products or services. All these factors combined make the business more profitable.

Conclusion

Companies that fail to keep up with the times are bound to be crushed by the competition. If your business deals in large sums of cash, invest in a cash counting machine today and reap the benefits for many years to come.

Male teller putting money into currency counting machine -DepositPhotos

Amy Fischer

Amy Fischer

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