Best Way of Handling Cash

Here are some practices that you must implement that will keep your employees and your money safe and boost productivity.

Policy

Policy is a guide for employee, it also serves as boundary that settle each employee to do the right thing. In handling cash, the policy must be clear for the security of both parties. This policy should always include procedure regulation, process of receipt, safekeeping and depositing process.

Cash Accountability

You must know exactly where is your money at all times and name of employees who have access to your money because if there are loses you must be able to figure out what went wrong and who cause it. Increasing cash accountability can also put fear in employees with capable of doing wrong.

Duty Separation

Your employees should never share password on registers, sharing will make it them too easy for one to steal and blame it on the other. But, when a lot of people are handling cash at the same time, you have a greater risk of error and fraud. However, if one employee is in charge of all of your cash management, you also increase your risks. You should be separating your cash handling duties among several people so no single employee has complete control over the process.

Reconciliation

Put a system for checks and balances to ensure that employees have recorded cash transactions correctly. You should check your bank statements against your deposits and cash receipts, at a minimum, once a month, but more often is better. You should also be counting and balancing receipts on a daily basis and comparing receipts with deposit slips. Surprise bookkeeping record checks should also be conducted.

Cash Security

All payment, cash or by card should be documented, monitored and properly stored. Keeping your cash safe means also keeping your employees safe, Any time cash is counted, it should be done in a private area where customers cannot see. Your money should be stored in a safe vault that only a few approved employees have access to. Make it a habit to change passwords and combinations regularly, particularly when employees leave. Minimize the amount of cash you have on site to avoid large losses from theft or fires.

Equipment

Handling cash is risky, you should be taking advantage of available equipment to reduce the risks. Cash management solutions like counterfeit detectors and Coin Case can reduce the risk of theft, reduce human error, and increase accountability. Also this two equipment will also reduce lose of time and become more productive that contribute to the success of your business.