Human error is present in many business related activities. This is especially true in counting cash and coin. A single business manager may have to count and recount, multiple times, to obtain an accurate number. It is still possible, after numerous recounting, to have accuracy errors. Because a lot relies on the cash flow and accuracy of cash counting in a business, the ability to count a true number is extremely important. Businesses can improve their cash management problems with the following methods.
Require at least two counters
Requiring a minimum of two counters can catch errors that the first did not. The best way to utilize the two counter method is to have the first person count, marking their recorded number when completed. After the second counter completes their count, compare the numbers. If they are off, each counter should recount. This process should continue until the numbers match each other. This is an especially beneficial was to ensure counting accuracy, especially when dealing with large amounts of coins or smaller bills.
Install security cameras
Installing cameras over the area that the cash counter counts can be helpful and reduce cash management problems. The good thing about the cameras is that they will reduce chance of theft. If the counter knows that their every move is watched, they are less likely to steal. The cameras can also be used to double check accuracy. If you find out later that your deposited numbers do not match what was counted, you can run back the cameras and double check. Just make sure you train your cash counters to count cash and coins in a way that can easily be seen on the cameras.
Use electronic coin sorter counters
Counting large amounts of coins can be tedious and time consuming. Investing in coin wrappers and coin sorter counters can reduce cash management problems, when there are a lot of problems with coin counting. Fully electronic counters that are able to count batches of notes or of coins without having to process them individually, were introduced in Great Britain in 1980. Additionally, this process is much quicker. Coin counters, or customers, simply dump their storage bins or registers of coins into the machine and are provided with a combined amount, within seconds. These electric machines are also beneficial in recycling coins.
Use cash counting machines
Similar to coin sorter machines, businesses can also invest in cash counting machines. These electric machines take large batches of bills, sorting, and counting them. For complete accuracy, have your cash counters count first and then run the bills through cash counting machines. In some modern automated teller machines, currency counters allow for cash deposits without envelopes, since they can identify which bills have been inserted instead of just how many. This is similar to how the cash counting machines work. These note recyclers can greatly reduce cash management problems.
Utilize a counterfeit machine
Counterfeit currency is prevalent in the U.S. and can be harmful to a business. If a business unknowingly accepts large amounts of counterfeit cash, they have essentially given away product or services for free. Counterfeiting of money is one of the oldest crimes in history. It was a serious problem during the 19th century when banks issued their own currency. The best way to reduce the chances of counterfeit money from affecting your bottom line is to utilize counterfeit machines.
Coin and cash counting is an important, but complex and time consuming job for businesses. Inaccurate counting, which is common with human error, can affect the business owner form knowing exactly how much they are making. Using the two counter method, coin sorting machines, cash counting machines, and counterfeit machines can reduce cash management problems and give businesses an accurate count that they can trust and rely on.