Cash management remains a critical pain-point for businesses today. Why? It’s labor intensive and has a high risk of human error and theft. Entering the digital age hasn’t lowered these challenges and for businesses operating in high-risk industries with a lack of access to compliant banking solutions, these challenges have only increased.
So what can you do? Technological advancements in the industry include valuable solutions like smart safes. If you haven’t explored adding one in your business, here’s a rundown of what they are and how they can optimize your cash management operations.
WHAT ARE SMART SAFES?
Smart safes combine the need for a traditional, secure solution for cash storage with the technology of modern cash management software. By combining the two, business owners can gain peace of mind knowing their money is secure while also gaining valuable insight into the cash management process from start to finish. Here’s how they can improve your cash management operations and reduce overall risk.
IMPROVING CASH MANAGEMENT & REDUCING RISK
REAL-TIME CASH INSIGHTS
Smart safes are a great way for business owners and managers to gain more insight and control over their cash inventory. The built-in note reading technology allows the safe to accept deposits without ever having to be opened and offers a more accurate cash count, detects counterfeit bills and can even provide change/note exchanges. This eliminates human error when counting, exchanging and depositing cash and tracks it all so managers can see what’s happening in real time.
REPORTING & FORECASTING
Since all reporting is done in real-time, owners and managers can see cash flow trends and anticipate peak operating hours for cash orders as well as scheduling cash-in-transit services for transfers to their banking institutions. Businesses can optimize their cash inventory and avoid having too little or too much on hand at any given time. These insights allow for more informed decisions and more efficient cash management.
LABOR REDUCTION & TIME SAVINGS
Since cash counting, deposits, reporting and auditing are all handled electronically, this technology saves businesses countless hours of work that would have otherwise been handled manually. This cost savings in labor alone is a major benefit of having a smart safe in your operation.
USER PROFILES & LIMITED ACCESS
Unlike a traditional safe, smart safes have the ability to track and monitor every employee profile that touches the machine. From deposits to currency exchanges to withdrawals, the movement of every dollar is tracked and tied to the user conducting the request. This highly discourages internal theft and offers greater transparency into cash operations.
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.