If you’re someone who handles a lot of money in their day-to-day life, you probably know a thing or two about cash management solutions. Cash management solutions are simply any method to help manage financial matters. Some examples of cash management solutions include currency counter machines, currency recycling machines and coin boxes. Each method is different and serves a specific purpose. However, not all cash management systems are created equal.
A currency-counting machine is a machine that counts money – either stacks of banknotes or loose collections of coins. 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.
The biggest benefit of cash and currency counting machines is that they allow a business to maintain 100% assured accuracy for cash transactions. Not only that, but they save a lot of time. One of the major reasons that businesses and companies use money counters is because of the amount of time it saves them, since counting notes by hand is time consuming and is usually carried out two or three times to make sure the numbers are correct to correct any human error.
Another reason to look into cash management solutions is to extend the life of your dollar bills. One-dollar bills account for 48% of the paper bills printed by the U.S. Bureau of Engraving and Printing. This is due to the fact that a dollar bill only lasts 18 months before it wears out.
Aside from bills, coins can also be difficult to manage due to their size. 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. Today, there are many different kinds that are mass produced and relatively affordable.
Finally, when it comes to cheques, extra precaution must be taken. Check Scanners allow you to scan and electronically deposit checks throughout the day. This may be something to look into if you handle more cheques than cash in your day-to-day life. Cheques are generally irreplaceable, so it’s important to keep them in a safe place.
Overall, there are countless methods of cash management solutions. Determine your needs, do your research and make an informed decision.