Cash drawers are no longer just for bigger businesses. You can have your own cash drawer to take with you to tradeshows, concerts, or to use if you have a physical shop. These are very handy to have with you as you travel around or have a local shop for your goods. Cash drawers can be intimidating for many people, but this blog is going to give you seven tips on how to manage your cash drawer properly, with as little stress as possible.
1. Always Maintain Control of Your Cash
Maintaining control of the cash that goes in and out of the drawer is of utmost importance. The best way to do this is to offer receipts to all of your customers and to request receipts from the bank when you withdraw or deposit money. This will help you keep track of everything and have a paper trail of all money that comes in or goes out. Always keep records of this, as it will help you balance your finances easier.
2. Practice Good Safety for Your Cash Drawer
Proper safety with cash drawers is crucial in maintenance and operation. There are several ways to protect your cash drawer and keep it safe such as CCTV cameras, securing the till to the counter, and only opening the cash drawer when it is necessary. Some of these are difficult to do if you are traveling around with your cash drawer, but there are other ways to protect your drawer.
Here are a few tips to protect it whether out at tradeshows or in a shop:
Ensure that two people attend to the cash drawer because this will cut down on any potential fraud and will keep the employees safer. Safety in numbers is always the wisest when it comes to working with money.
If you have other staff members, create staff login codes to keep fraud at bay. This will help you determine who was working at the drawer. While it can help prevent fraud, it can also show you the staff members who are having trouble with their drawer, giving you the ability to train them further.
3. Select A POS Cash Drawer That Works With Your Technology
A POS, or point of sale, cash drawer is beneficial to shop owners who travel to different shows or if various shops host you. Selecting the right POS cash drawer is important, as you must make sure it works with your technology. A POS cash drawer that works with your iPad and other iDevices, such as Shopify’s, is important for all shop owners to have. They offer a free iPad app for all shop owners to download, which gives you easy access to all of your cash drawer statistics. This helps you manage your cash drawer and keep everything balanced.
4. Remove Large Bills Regularly
When operating a cash drawer, it is important to remove large bills regularly. This is not only an aspect of safety, but also helps you give proper change to customers. If a theft does occur, the amount of money stolen will be significantly less if you remove the large bills. Customers will also appreciate it if you do not only have large bills but also have several smaller ones to make change. Keep an appropriate amount of change in a safe and break big bills whenever you can; place the bills in a secure spot such as a safe to ensure that a theft does not occur.
5. Choose The Amount Of Base Money To Leave
The amount of money left in the cash drawer depends on the amount of sales you make each day. For some companies, a base of 25 is the best as it gives them proper change for customers. Increase or decrease that amount to best suit you and your shop. Keep in mind that lower sums of money left in the cash drawer will ensure that less money is stolen.
6. Balance Your Cash Drawer Every Day
Balancing your drawer every day is important to your business. This will help you learn if you are frequently over or under with your cash drawer and can keep large sums of cash from being available to thieves. Balancing will also help you keep track of the bigger bills, helping you break them into smaller bills, creating more change for customers. Balancing the cash drawer should be done by you or a manager for your business to ensure you handle everything properly.
7. Learn How To Operate Your New Cash Drawer
To keep from having too many problems or issues while serving customers, take time to learn how to operate your cash drawer and teach other employees how to, as well. This will ensure that you do everything properly and that your cash drawer will be maintained well. Follow the manual that comes with your POS drawer and spend a few days learning the operation before using it in your shop.
A cash drawer will be crucial to keep all cash payments safe and organized. Start researching various electronic POS cash drawers to find the best one for you and your shop. Once you do this, you will find that you are able to keep better track of all payments made.