PRACTICAL WAYS TO MANAGE CASH THROUGH A POS SYSTEM

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PRACTICAL WAYS TO MANAGE CASH THROUGH A POS
SYSTEM
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• Just because people are shifting more towards
  cashless payment, it doesnt mean you should stop
  practising and finding efficient ways to manage
  your business cash. Since customers havent
  completely adapted to the cashless society yet,
  retail cash management solutions are still a
  necessity for many small business owners.

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• Cash flow is an inevitable part of your business,
  but manually counting every dollar in the cash
  drawers is not todays retailers thing. Thats
  because using a manual machine or ways to sum up
  cash is not only time consuming but also
  increases the possibilities of human errors which
  will take you weeks or maybe months to uncover.

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• In this post, we will discuss some ways which you
  can take for a practical approach to managing
  your cash hassle-free with the help of a point of
  sale system, helping you get started on the right
  foot in 2020.

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Good Cash Management Starts with a Well-Rounded
POS System

• To make the most of your cash management, set up
  an effective POS system. In order to track the
  flow of your cash, you need to first monitor the
  cash thats making its way into your business.
  And theres no better way to do that than to
  start from your point of purchase.

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• Every time a sale is made on a POS system, the
  customer transaction is recorded. This record
  contains data like the products that have been
  sold, the employee who made the sale and the
  payment mode used by the customer for that
  purchase. All the information is funnelled into
  reports that are accessible to your staff
  whenever they need.

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• Assessing these sales reports can help you in
  understanding your business and cash flow better.

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Combating Counterfeit Money on The Frontline

• Besides installing an advanced POS system for
  tracking proper movement of cash, you also have
  to ensure whether or not the funds you receive
  from customers are legitimate currency.

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• To prevent accepting fake cash, you need to
  educate your employees. Since your employees are
  the one on the frontline and handle all cash and
  customer queries, its of paramount importance to
  train them on identifying the counterfeit
  currency.

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Counting and Sorting Cash

• At the end of the day, the cash you have
  collected through sales needs to be counted and
  sorted. This way, you can confirm if the total
  amount you have on-hand matches the amount in
  your POS sales report and cash drawer balances.

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• Traditional retailers rely on the manual cash
  counting method where they sort the piles of
  notes and coins, count them and punch the total
  into an adding machine. This method may work well
  when you have less cash and most of your
  customers pay by debit or credit card. However,
  this method still leaves you open to human errors.

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• To prevent such manual errors and discrepancies
  and even save yourself from recounting, its a
  good idea to spend a few hundred dollars on
  software that counts the currency and helps you
  sort your cash.

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• The best cash management tip for retail
  businesses is to make sure you are using the
  right technology. Invest in the one that offers
  efficiency combined with accuracy and security to
  your business. With the right technology by your
  side and quality cash drawer accessories, you can
  be confident that youll get the most out of the
  cash management process in your business.

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• The aforementioned ways will help you simplify
  your cash management process and improve your
  cash flow while boosting your business
  performance. Unless you are running a cashless
  business, you need to invest in secure and
  efficient cash management solutions.

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CONTACT US

• By Post Suite 610/12 Century
• Circuit Baulkham Hills, NSW 2153
• By Phone [phone]
• By Email sales_at_possales.com.au
• Website https//possales.com.au/