PRACTICAL WAYS TO MANAGE CASH THROUGH A POS SYSTEM - PowerPoint PPT Presentation

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PRACTICAL WAYS TO MANAGE CASH THROUGH A POS SYSTEM

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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 you’ll get the most out of the cash management process in your business. – PowerPoint PPT presentation

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Updated: 11 June 2020
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Title: 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.

4
  • 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.

5
  • 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.

7
  • 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.

8
  • Assessing these sales reports can help you in
    understanding your business and cash flow better.

9
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.

10
  • 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.

12
  • 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.

13
  • 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.

14
  • 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.

15
  • 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 1300 026 062
  • By Email sales_at_possales.com.au
  • Website https//possales.com.au/
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