Cash Counting Machines Vs. Manual Counting: How to Count Cash Fast
Effective cash management is crucial for any business that handles cash transactions. For optimal results, cashiers must balance accuracy, efficiency, and security, which often leaves them susceptible to mistakes when manually counting cash.
This is why many organizations have made money counters a part of their cash management process, allowing them to secure more accurate results and boost efficiency in the workplace.
Every business has unique cash management needs. If you’re wondering, “Are cash counting machines worth it?” this Cashmaster blog breaks down the real advantages of using our money counting machines and the hidden costs of manual counting. Read on to discover how to count cash faster, with greater accuracy, starting today.
The Pitfalls of Manual Cash Counting
Whilst many businesses still rely on the traditional methods, manual cash counting comes with several drawbacks:
- Time Consumption: The Association for Financial Professionals (AFP) reports that businesses spend an average of 400 hours per year manually counting cash. Consider the cost of this wasted time based on your employee wages.
- Reduced Employee Productivity: A Javelin Strategy & Research study found that manual cash-handling tasks, including counting, can reduce employee productivity by up to 15%. Employees tied up counting cash are unavailable for other valuable tasks, such as customer service or sales.
- Increased Errors: Manual counting is susceptible to human error, which can significantly impact your business's finances. Even a small mistake can be costly.
- Security Risk: The National Retail Federation (NRF) reports that cash handling errors and theft account for a significant portion of retail shrinkage. Manual cash handling exposes your employees and business to the risk of theft.
The Power of Cash Counting Machines
Cash counting machines, on the other hand, are designed to streamline the cash handling process, addressing the drawbacks of manual counting and offering several key benefits:
- Accuracy: You can rely on our machines to reduce the risk of counting errors. They use advanced technology to count and verify the denominations of bills accurately.
- Speed: Counting cash in a fraction of the time it takes manual counting, our machines free up employees to focus on other tasks.
- Security: Cash-counting machines can help deter theft by providing secure cash management solutions. Some models even offer counterfeit detection features.
- Efficiency: Cash-counting solutions can streamline your cash-handling processes, saving you time and money.
How Do Cash Counting Machines Work?
Cashmaster’s machines use count-by-weight technology to accurately count cash. Money should be separated by denomination and weighed so that the machine can log the amounts and calculate the total once all coins and bills have been counted.
Machines like Cashmaster GenuOne, however, complement our money counters by scanning bills to verify them at the point of receipt and help mitigate fraud risk. If you’re considering switching out manual counting for machines, why not replace your counterfeit detection methods with Cashmaster GenuOne?
Are Cash Counting Machines Worth It?
If your business handles a significant amount of cash, a cash counting machine can be a valuable investment. Not only do they improve accuracy and speed up your cash handling process, but they also reduce the risk of errors and theft. Maximize efficiency and free up employee time for more valuable tasks when you rely on Cashmaster’s range of cash counting machines.
Explore our range of machines and unlock smarter, more efficient cash management processes:
Ready to Calculate Your Savings?
Curious to see how much a cash counting machine could save your business? Calculate your savings here!
