Cash management accounting

Published on November 18th, 2014 | by Day Trader

The Costs and Savings Associated With Cash Management Solutions

Coin sorter counter

Small business are always looking for ways to boost productivity, and there are several cheque and cash management solutions that can do just that, especially if your small business does a lot of cash handling. But if you’re like most small businesses, you’re probably also limited in what you can spend on new equipment. Here’s a summary of the costs and savings you can expect associated with an investment in retail cash management machines.

Costs:

The two costs to consider are the initial and ongoing expenses of owning machinery of any kind. First there’s the initial price of the machines: Obviously, commercial coin counting machines, cash counters and similar equipment cost money (though less of it than you might think). But the most important thing to do when comparing the costs of new and used machines is to carefully examine the warranties or service plans that come associated with them. If there’s no service guarantee, then you’ll need to plan ahead for periodic maintenance or repairs.

Savings:

Commercial coin counting machines, cash recyclers and cheque scanners all offer significant benefits to a business, as well, that can offset the cost of their purchase and upkeep. Sorting machines ensure counting accuracy, so that the small sums of money often written off as a normal part of human error can be eliminated. Some cash counting machines even check for counterfeit notes.

Cash machines can also greatly decrease labor cost; think of all the time that it takes for one employee to double-count money to ensure accuracy and then get that count verified by a second employee (as is standard procedure at the end of every shift in most businesses that take in cash). Similarly, cheque scanning can decrease the time you (or someone else in management) must spend taking cheques to the bank for deposit. And as an added bonus, cheque scanning makes bookkeeping easier and virtually error-free, which saves time and money.

What’s the verdict? Do you think it’s worth it for your business to invest in some cash and cheque handling machines?


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