Money talks!

WHILE the pandemic certainly accelerated the amount of non-cash purchases across all retailers, including grocery, there is still a place for cash in the hearts and wallets of consumers.

Proper cash management allows for improved security, recordkeeping and cash-flow in your business, but there are plenty of challenges involved, as there are a myriad of moving pieces to manage at any given time. However, we all know that margins are exceptionally tight in the grocery sector and increased costs mean that they are only getting squeezed ever tighter, so effective cash management can help to alleviate the pressure.

Improving understanding

Store owners and managers need to examine how their cash management is currently working and ask themselves: can you tell where all your cash is at any moment? How fast can you locate written information about the movement of cash in your store?

Understanding and keeping a close eye on cash improves visibility and helps to minimise losses. This can be as simple as ensuring your books are up to date, in terms of recording daily records of cash in and out of your business. It’s easier to spot anomalies if you’re on top of record-keeping, and it also makes it simpler to evaluate your cash management process regularly.

Organisation is a huge part of cash management, so an effective schedule will help to keep your business running smoothly. This could be as simple as organising bank deposits at certain times, ensuring you always have the right amount of cash in-store, or knowing when to reconcile your books.

Letting technology do the work

Advances in technology have made cash handling and cash management much easier and less cumbersome a task. Automated cash management can be more accurate, more efficient and more secure, cutting down on human mistakes and also helping to minimise shrinkage.

When you update your cash management technology, you should also update your policies and procedures around cash handling and communicate these to staff. Clear procedures ensure that your staff are working as a team when it comes to cash management.

Staff training

It is important that your staff are trained in secure, accurate cash handling. You may need to train staff on both your cash handling technology and your procedures. Properly trained staff are more likely to uphold policies and procedures right across the store, not just when it comes to handling cash. When your staff members understand what is expected of them and why certain policies and procedures are in place, they are more likely to follow them.

It’s also important to ensure you have enough staff in-store, particularly at busy periods, as overly stressed or rushed staff can make mistakes. It’s a fine balance, as you don’t want too many staff with little to do for long periods, but get it right and you can go a long way to cutting our errors, while also ensuring your customers are looked after in-store.

If you’re having trouble with your cash management, calling in the experts sooner rather than later could save you huge headaches and profits. Consulting with a cash management solutions supplier could make life a lot easier and help that allimportant bottom line.

Managing cash securely

How do you reduce the risk of cash-related crime? Consider the following:

• Keep cash in a secure till or cash box

• Avoid keeping excess cash (particularly high value notes) in the till – it should be moved to a locked tamper-proof unit or safe;

• Check regularly for counterfeit notes;

• Avoid counting cash in front of customers;

• Remove cash from tills overnight;

• Make regular bank deposits and ensure the cash is secure in transit.