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With over 10 years`experience in helping our customers manage their cash Countermatic Solutions and Services have a role to play in every market place which has a requirement to handle cash
Running a modern business to its full potential requires the management team to have up to date management information to allow decision-making. Decisions on cash and other payment media are no different. By providing cash management information, the store is able to make decisions such as:
• When should the Cash in Transit Company pick up my cash?
• Why do I regularly see discrepancies at till point 5 on a Wednesday afternoon?
In many cases this information is collated manually through paper based reports covering items such as:
• Safe Inventory
• Till Drawer Reconciliation
• Change transfers from the cash office to the till drawers.
In each case, spreadsheets or hand written forms are used to collate the information.
These forms/reports are then collected in a central accounting system by manually keying the data from:
• Each till drawer
• The opening day balance
• The change bought in
• The cash banked
This is very labour intensive, and this time could either be saved, or better spent working on “other tasks” that involve the sales floor and customers. After all it’s the customer who provides the store with their profits.
It is estimated that in a typical day 2 hours of store management’s time (20 – 25%) is spent in cash related paperwork alone, at least 5% of store management time is spent tracking cash and other payment media discrepancies.
Significant pieces of this time (60%+) can be saved by using our cash management solutions around some or all of the following areas:
• Inventory management in as a by-product of processing both cash & non-cash media
• Full electronic audit of all transactions
o Deliveries of coin & new vouchers
o Issue of coin & new vouchers to Customer Service Desk
o Receipt & payment of expenses
• Full Accounting with no consequential errors
• VAT / non VAT expenses calculated automatically
• Correct ISS line numbers on all reports for ease of data transfer
• Reducing manual typing errors
This can equate to 2 hours per day of Management’s time (over 600 hours per year) that could cost as much as £10,000 ($15,000) per store. Just think of the cost if you multiply that across a large corporate network of stores? Many millions…
Within this area, Countermatic has a series of products to provide the management information that any business requires. From entry level till drawer reconciliation to enterprise wide payment media management or the reconciliation of deposits into the bank.
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