Category: Cash recycling

Benefits Of Coin Sorter Counters

    Finance Tips

Currency money machine

How does your business tally up cash sales? Do employees count money by hand? If so, perhaps you haven?t considered the advantages of using a currency sorting machine or coin sorter counter. A currency counter is simply a machine that counts money for you, allowing businesses to maintain perfect accuracy and save valuable time.

Accuracy
Counting money by hand gets tedious, and the chance of human error is high. Cash counters don?t make mistakes.

Saving Time
Counting notes and coins by hand takes longer than a machine, and due to the high probability of error, usually has to be recounted two to three times to ensure accuracy. A good coin sorter counter can count an average of 200 coins every minute, and paper currency goes even faster.

Security
A currency counter can be used as a machine to detect counterfeit money. Although fighting currency fraud has been an issue for over one hundred years, contemporary money counter machines use technology like infrared spectrum analysis, metallic alloy detection, and other methods to detect counterfeits.

Cleanliness
It?s been said that a dollar is dirtier than a toilet; studies show that multiple viruses and bacteria live on paper money and coins, and can live from 2 to 15 days. As money changes hands, those germs get passed around too. Using a coin sorter counter or other money counting machine can prevent the spread of sickness amongst employees.

Once convinced that a currency counter is beneficial, there are a few comparative aspects to consider before purchasing one.

Hopper Size
Coin sorter counters come in different sizes; the size of the hopper determines how many coins it can process at one time. Obviously, smaller businesses with lower cash volume will be able to use a smaller machine.

Counting Speed
Coin sorter counters work at different speeds. When researching, compare the coins per minute; the average machine can handle about 200 coins per minute, although some are faster.

Coin Wrapping
Look for a machine that wraps the coins after sorting and counting them. It is a frustrating and time-consuming task to have to do by hand, and new mistakes can occur.

Value Counting And Recording
Some coin sorter counters and currency counting machines simply sort the money into denominations and count the bills or coins within each category. A better machine will do the math for you, displaying the value of the processed money, and recording the total. Some even provide a printed copy for easier record keeping and cash management accounting.

Coin sorter counters are inexpensive and offer many benefits that will quickly become essential to your business.

The 2 Aspects of a Retail Cash Management Solution

    Finance Tips

Cash recycling system

If your business handles cash sales, the tools you use to do so can have quite an impact both on worker efficiency and cash-handling accuracy. A full retail cash management solution has two parts: one virtual, one physical.

Retail Enterprise Management Planning

Enterprise Resource Planning, or ERP, refers to the software suites businesses use to collect data, transfer information and generate reports on many aspects of their business. Cash management software can allow the consistent logging of cash transactions and the details associated with them (such as who handles each transaction and at what times). Furthermore, the software can track trends, giving you insights as to how you might better draw in customers and improve profits. Generally, these software systems are able to generate automatic reports (saving employee time) that are useful for both record keeping and current and prospective investors up to date on the business’ financial situation.

Cash Machines

There are several kinds of machines a retail business should consider. One is a machine to detect counterfeit money. Another is a scanner that allows for the immediate logging and depositing of cheques. But by far the most useful investment a business that deals in cash can make is a portable cash counter.

Cash counters ensure 100% accuracy in deposits, eliminating the human error margin. Most businesses assume that a few dollars lost here and there don’t matter, but these dollars can add up over time. Cash counters also save time; instead of an employee counting bills by hand (which is slow), repeating the process to ensure accuracy and then getting another employee to verify the count, the bills can be run directly through a counter a single time and grouped for deposit. There are also currency counter machines that deal with coins, which might be of use to a business that sells many small items.

What do you think is the best cash management solution for you? Do you worry when a register is a few dollars short at the end of the day? Join the discussion in the comments.