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Whether you sell groceries, clothing, or something entirely different, every retail store depends upon a good cash handling policy. Cash is essential to nearly every retail operation, but it’s also a prime target for theft, fraud, and mismanagement.
In this article, we’re providing tips for the best practices for cash management in retail stores. Some of the most important aspects that we’ll address include retail deposits, balancing cash register drawers, and the best way to organize receipts electronically.
It’s very important for every retail business to have an established set of cash register procedures in place. The best approach for balancing cash register drawers is to create a schedule and stick to it each and every day.
You may want to balance your registers at the end of every shift, after a set number of hours, or just at the end of the day. It’s a good idea to use two people to balance store registers for greater accountability and also to include cash discrepancies in profit and loss statements to prevent accounting confusion later on.
By placing a limit on how much cash each register is allowed to contain, you reduce your risk of stolen and misplaced cash. As a general rule, many retailers keep around $200 in each cash register to make change. It’s also a good idea to keep around $30 in coins in each drawer for change-making purposes.
Electronic receipts are great for retail deposits and company purchases because they eliminate paper that clutters up your store office. However, it can be a challenge to keep all of those PDF files and download links organized and accessible for later use.
Many businesses utilize specialized receipt-scanning software and cloud services to keep online receipts all together in one place. There are also some very useful apps for keeping track of receipts obtained while on the go and outside the store. After all, a high-tech receipt collection system deserves a high-tech management system as well.
Making regular deposits to the bank will ensure that your store doesn’t have too much cash on hand that puts your business at risk. Two people should always be present when cash is being transported for safety and accountability purposes. If possible, make retail deposits during the day while bank employees are present for greater safety. However, night deposits are also an option via night drop box or ATM.
One of the best ways to ensure the safety of your cash is to utilize Superior Bag’s Retail Deposit Bags, which are trusted by business owners in a wide variety of industries. These specialized bags are ideal for storing cash while in your store and then transporting it to the bank when its time to make a deposit. Better yet, these bags help establish a chain of custody for cash earned and received when the label is properly filled out.
Contact us today to purchase a Retail Sample Packet and see which of our bags will work the best for your business!
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