Month: August 2017

Three Importance Advances in the Banking Industry

    Finance Tips

Coin counter machines

Banks have evolved in many ways over the years. Traditional banks many years ago relied on a type of honesty system. If you wanted to deposit your money into the bank, you simply walked into the nearest one and received a deposit slip that was written on a sheet of paper. The bank could easily go out of business or lose track of who they owed money to. Fortunately, over the years the banking industry has grown, both in accuracy and in timely transactions.

The use of cash management software programs
Cash management system software programs significantly increased the accuracy in banks. Bank tellers now had to record all transactions with cash management system software programs. There was a reduction in human error and tellers were told the exact amount to deposit or the exact amount to give to the customer. At the end of the business day, tellers were told how much should be in their drawer, and some advanced machines could even tell if that number was short or over.

The introduction of automatic coin sorters
Banks are tasked with all money needs. People started collecting their change because it was easy to save. When they collected large amounts of it, they would bring it into their local bank and cash it in. The bank teller would have to sit and physically count every single coin. In many cases, they would have to count and then recount for accuracy. Still, mistakes were common. Once the customer was given their money, the bank teller would have to individually wrap all of the coins into coin wraps for easy storage.

The cash recycler machine made this common task easier and quicker. The auto coin wraps made it so tellers no longer had to wrap loose coins. The cash counters actually took the process entirely away from the teller. Instead, these cash and coin counters are placed at the entrance of the bank, away from the tellers. Customers insert their own coins into the coin recycler machine. When the machine is finished counting, it spits out a slip with the amount. The customer then brings this amount to the teller, who will hand them the cash, in much larger of bills. This cash management solution drastically changed the speed of the traditional banking service.

Automated drive through machines
One of the biggest complaints traditionally about banks was their lack of hours. Most banks were open during normal business hours, so if you had a regular day job you might find it difficult to make it to the bank. You might even have to take off work to gain access to your funds. This problem was solved with the automated drive through machine. Using the same cash management system software programs, automated machines had the ability to identify how much money a person had in their account. The machine could then count and spit out a requested amount.

Additionally, automated teller machines could also receive deposits. This helped people who were worried about transactions hitting or not being able to use their banking card because of a lack of funds. These advanced machines have evolved to allow customers to insert actual cash. Currency counters allow for cash deposits, even without envelopes, because they can identify which bills have been inserted instead of just how many. Cash counting machines allow a business to maintain 100% assured accuracy for cash transactions, even when using an automated machine.

Banks have come a long way from traditional banking practices. The entire banking visit used to be extremely time consuming, inconvenient, and not always completely accurate. Today, cash management system software programs and automated machines have greatly improved the speed and accuracy of the banking transaction.

5 Tips to Reduce Cash Management Problems

    Finance Tips

Money counter machines

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.