If you manage or own a cash-intensive business, you know that your business is at greater risk for theft and have likely heard of a smart safe. But, do you actually know what it is and its benefits? Let us break it down for you.
WHAT IS A SMART SAFE?
A smart safe is exactly what it sounds like – a safe that utilizes modern technology to ease the burden of cash management in businesses. It does so by reducing overhead costs, increasing accountability, streamlining operations and more. How does it do that? Here are just a few of the ways.
BENEFITS OF A SMART SAFE
Built-in Note Reading Technology
Smart safes have built-in note reading technology, meaning they can count cash deposits, verify against counterfeit money and also provide change. Overall, businesses can have a more accurate reconciliation process, limiting human error and theft for these types of in-house transactions.
Ability to Eliminate Cash Runs
A smart safe can help operations limit, or eliminate, the need for “cash runs” to get change or make deposits from a third-party vendor or financial institution during operating hours. Instead, coordinate directly with your courier to make sure the safe is stocked with the appropriate bills and employees can conduct currency exchanges onsite.
Audits for Each Transaction
Tracking can often be the most difficult part of the cash management process. Without a fully automated system, many businesses rely on handwritten records or point-of-sale system reports that need to be manually checked then input into a master spreadsheet. When operating predominantly in cash, this process can become even more convoluted.
One of the benefits of a smart safe includes automatic records and audits for each transaction. That means whether money is being deposited or withdrawn, there’s a digital paper trail tracking who had which funds at any given time.
Access to records and audits is available 24/7, but customers can also set up automated alerts. Management can be notified for a variety of reasons, including withdrawals over a certain amount or once the safe has hit the threshold for cash held onsite. Alerts can even notify a third-party courier of when service is needed.
By automating the communication process, operations can know how much cash is on hand at any given time as well as utilize reports of transactions throughout the day to better staff or coordinate courier services.
HOW DO I KNOW WHICH SMART SAFE IS BEST FOR MY BUSINESS?
Not all smart safes are created equal, so having the right partner for your operation is key. OSS provides comprehensive cash management solutions for cash-intensive businesses. As a trusted partner, we can guide you through the process of streamlining operations and finding the right partnerships for your business, including a smart safe provider. Click here to tell us a bit more about your business and receive our free cash management solution brief.