Cash remains one of the preferred ways to pay in South Africa, accounting for nine out of ten transactions, according to BankservAfrica. Even with the growing selection of digital payment options, many people turn to cash because it’s convenient, trusted and easy to use. Yet counting and managing currency is also associated with higher security risks and overheads for businesses.
By Chris Kruger, MD of Nashua Kopano
One of the most powerful tools companies can use to address these challenges and achieve cost savings is the automation of cash management with note and coin-counting solutions.
Let’s look at how automated cash management solutions can save money for your business considering World Savings Day on 31 October.
* Save money by saving time – Your team’s time is a valuable resource. Imagine if they could spend the hours, they put into counting notes and coins into customer service or sales. Cash management systems can count money much faster than any human, increasing productivity with automatic start and stop functionality. This allows employees to focus on more productive tasks, resulting in improved efficiency and cost savings.
* Reduce errors and shrinkage – Manual cash counting can be an error-prone process. Even worse, in the absence of rigorous controls, it may open your business to the risk of dishonest employees trying to pocket some of the cash. Automated systems count more accurately than humans, almost completely eliminating issues such as miscounts, discrepancies, and theft.
* Detect counterfeit notes – Note-counting machines are equipped with sensors that easily and accurately pick up fake currency. This reduces your risk of financial losses and legal risks associated with unwittingly accepting and circulating fraudulent notes, compared to manual counting, where a human can easily miss a convincing counterfeit note as they process a large stack of bills.
* Ensure note fitness – When fraudulent, damaged, or unusable notes are run through the machine, it immediately alerts the operator, thus preventing the further circulation of unfit money.
* Enhanced cash management – Currency counting machines often come equipped with advanced features like batch counting and denomination sorting. These features enable enterprises to streamline cash reconciliation processes, improve accuracy in financial reporting, and make informed decisions regarding cash deposits and withdrawals. This can help you optimise working capital and reduce unnecessary expenses.
Conclusion
The love of cash is as strong as ever, tasking businesses with streamlining cash processing even while they adopt electronic payment solutions. The right technology can help you automate your cash handling and leave you and your staff to focus on what’s truly important – growing your business.
Today’s digitally enabled cash management solutions can be deployed in cash-accepting businesses of all sizes, from SMMEs, and informal traders to larger operations such as banks, casinos and large commercial cash centres. This enables your business to develop a proactive approach to cash management, improving efficiency and preventing financial losses.