The REAL cost of Cash... Cost of Staff

In this cost of cash edition, we uncover the potential cost of staff in cash handling - and share real life examples of how businesses can overcome these.

With 40 years of experience in the security and cash handling industry, Sydney security expert Bob Turner shares his expert advice on how to maximise the potential for cash handling technology to take costs out of your business.

Cost of staff

It is an obvious point, but if you currently employ someone to count your cash in the store, automating the process removes that cost. One retail franchisee in Australia, for example, employed two full-time accountants for his 70 outlets and was on the verge of employing a third, which would have required moving to new premises to accommodate the expansion. By installing cash-handling machines he was able to move the second accountant to part time, while saving on his overheads by staying in the existing office. Bob gives another example from Singapore, where there is very little theft. The machines are still popular because many businesses rely on unskilled and illiterate labour for customer service tasks. This in turn places a high burden on managers to provide the cash management functions.

“In one cinema, cash-handling technology saved managers four or five hours a day simply by automating the depositing and dispensing of cash, bringing significant advantages.”

What are your biggest cash challenges? Next week we delve into the cost of counting.

Gunnebo’s intelligent cash handling solutions are designed to reduce the time spent on cash management, improve efficiencies in the cash cycle and make the whole cash handling process more secure - giving you back control over the cash in your store.