PRACTICAL WAYS TO MANAGE CASH THROUGH A POS SYSTEM
                     
PRACTICAL WAYS TO MANAGE 
CASH THROUGH A POS 
SYSTEM
Just because people are shifting more towards cashless 
payment, it doesn’t mean you should stop practising and 
finding efficient ways to manage your business cash. Since 
customers haven’t completely adapted to the cashless 
society yet, retail cash management solutions are still a 
necessity for many small business owners.
Cash flow is an inevitable part of your business, but 
manually counting every dollar in the cash drawers is not 
today’s retailer’s thing. That’s because using a manual 
machine or ways to sum up cash is not only time consuming 
but also increases the possibilities of human errors which 
will take you weeks or maybe months to uncover.
In this post, we will discuss some ways which you can take 
for a practical approach to managing your cash hassle-free 
with the help of a point of sale system, helping you get 
started on the right foot in 2020.
Good Cash Management Starts with a Well-Rounded POS System
To make the most of your cash management, set up an effective POS 
system. In order to track the flow of your cash, you need to first 
monitor the cash that’s making its way into your business. And there’s 
no better way to do that than to start from your point of purchase. 
Every time a sale is made on a POS system, the customer 
transaction is recorded. This record contains data like the 
products that have been sold, the employee who made the 
sale and the payment mode used by the customer for that 
purchase. All the information is funnelled into reports that 
are accessible to your staff whenever they need.
Assessing these sales reports can help you in understanding 
your business and cash flow better.
Combating Counterfeit Money on 
The Frontline
Besides installing an advanced POS system for tracking proper 
movement of cash, you also have to ensure whether or not the 
funds you receive from customers are legitimate currency.
To prevent accepting fake cash, you need to educate 
your employees. Since your employees are the one on 
the frontline and handle all cash and customer queries, 
it’s of paramount importance to train them on 
identifying the counterfeit currency.
Counting and Sorting Cash
At the end of the day, the cash you have collected through sales 
needs to be counted and sorted. This way, you can confirm if the 
total amount you have on-hand matches the amount in your 
POS sales report and cash drawer balances.
Traditional retailers rely on the manual cash counting 
method where they sort the piles of notes and coins, count 
them and punch the total into an adding machine. This 
method may work well when you have less cash and most of 
your customers pay by debit or credit card. However, this 
method still leaves you open to human errors.
To prevent such manual errors and discrepancies and even 
save yourself from recounting, it’s a good idea to spend a few 
hundred dollars on software that counts the currency and 
helps you sort your cash.
The best cash management tip for retail businesses is to make sure 
you are using the right technology. Invest in the one that offers 
efficiency combined with accuracy and security to your business. 
With the right technology by your side and quality 
cash drawer accessories, you can be confident that you’ll get the 
most out of the cash management process in your business.
The aforementioned ways will help you simplify your 
cash management process and improve your cash flow 
while boosting your business performance. Unless you 
are running a cashless business, you need to invest in 
secure and efficient cash management solutions.
CONTACT US
By Post: Suite 610/12 Century
Circuit Baulkham Hills, NSW 2153
By Phone: 1300 026 062
By Email: [email protected]
Website: https://possales.com.au/