In the hotel industry, cash is accepted at every point of transaction: the front desk, the bar, the restaurant, and the banquet hall. Because cash is accepted as payment in the hotel industry, it’s vital to have a cash process in place in order to streamline operations to make the system as seamless and efficient as possible. Automating your cash process will give you the highest return on your investment, and there are various ways to do so, depending on your hotel’s needs. Here is how to automate your hotel’s cash process in order to protect your bottom line.
Identify Weaknesses in the Cash Management System You Already Have in Place
The first step to automating your cash process is to analyze your cash system and identify which points of weakness can be upgraded. Through your analysis, you might find that your problems start at the point of transaction or you might find that all your discrepancies occur during the nightly counts. Or, maybe you are losing more money than expected through counterfeit losses. Once you know exactly which parts of your cash process need to be upgraded and automated, you can easily choose cash management solutions that work for your hotel’s needs so you can begin to implement them.
Automated Cash Solutions That Save You Time
You likely already know how much time is wasted at the end of night counting and recounting the day’s profits. It’s one of the most time consuming and unnecessary administrative tasks in your cash process. What’s more, manually counting each dollar can lead to innocent calculating errors. With currency counters and sorters, you take the human aspect out of the process and let the devices count for you. You simply place your coins or bills into the machine and with one press of a button, the device will sort the currency by denomination and leave you with tidy bins or stacks of money. What’s more, these machines have a 99.995% accuracy rate, so you know that your totals will always be correct. You can even invest in currency strappers to keep these stacks of money together for easy storing and depositing. Your employees will save time, which will lower your labour costs.
Automated Cash Solutions That Save You Money
Automated coin and note recyclers ensure that every penny going through your till is reported. Additionally, the automated totals and return change amounts allow you to eliminate discrepancies at the front line. Eliminate the till drawer you will save money by reducing human cash handling errors, and you will also deter employees from helping themselves to your money. They will think twice about stealing from you now that your cash management system is automated and organized. You will know if anything is amiss, and know exactly when it occurred, so you can resolve any cash handling issues quickly and efficiently.Cash handling mistakes are absolutely avoidable, and automating your till is the best way to ensure accuracy.
Automated Cash Solutions That Protect the Hotel Industry
Counterfeit bill detectors are enhanced with advanced technologies to quickly and easily alert your employees to suspicious bills. You take the guesswork out of the equation to guarantee that every bill that is accepted at your hotel is authentic.
Let Your Hotel Grow
Every cash management solution on the market has been created to reduce your financial risk and increase your business’s productivity and profitability. Automating cash systems in the hotel industry can help you ensure that your cash process is running as smoothly as possible to safeguard against costly losses.