How to Maintain the Cash Till in Your Busy Store Outlet?

Unlike the common notion, supermarkets and busy store outlets are far from going cashless and cashier-less yet. Remember, what happened when Amazon tried to go cashier-less a few months ago?

It is both a necessity and an obligation to serve cash payment options. Despite a substantial shift in trends toward digital payments and credit cards, many customers still prefer paying conventionally.

That’s why a research report suggested that about 59% of Americans still make some of the purchases by cash in a typical week. The same report revealed that 38% of Americans with $30,000 earnings or less prefer cash and 58% of adults keep some cash.

But how do you handle that large cash inflow and maintain the till accurately in a busy store or supermarket flooded with customers?

Let us walk you through it!

Do You Still Need to Balance Your Till?

An established practice of balancing your till will safeguard you against discrepancies and theft. Errors and inefficiencies mean your business loses money.

Remember, it’s a shared responsibility of many cashiers and supervisors at a busy store outlet.

Unlike other payment methods, cash is tangible. It comes in different banknote denominations including currency notes and coins. So, there is every possibility of errors and theft.

Without a proper cash handling system, you’ll make it a tedious task for your staff.

Balancing the register improves workflow, transparency, and accuracy. You can then maintain a tidy record of cash sales and avoid errors or employee theft.

How to Maintain the Cash Till in Your Store?

No one wants counting errors, mistakes, and deliberate mishandling of assets in a business. However, we know discrepancies and employee theft are substantial threats to a business’s profitability.

You can establish an efficient and accurate system of till balancing in your store outlet with these best practices.

Count Cash in the Drawer Before You Start the Shift

It should be a standard practice in your retail store to start each cashier’s shift by counting cash in the drawer. You’ll have the balance brought forward from the previous shift or day in the system anyway.

Make the count and verify it matches with the balance shown.

Count and Arrange by Denomination

Bank cashiers organize their registers by recording banknotes in numbers and denominations. There is a reason to do that.

You can trace the cash inflow and outflow at the end of the day when you keep a count by banknote denominations.

Reconcile the Discrepancies

It’s inevitable in busy store outlets and supermarkets to face cash discrepancies. Each company sets its cash shortage limits.

If your shortage or overage is within the limit, you can note that and move on. Otherwise, you must identify discrepancies and reconcile the balances.

Contribute Multiple Cash Drops

Small businesses and stores can skip this task. However, if you are running a busy store, you must arrange multiple cash drops in a day.

It’s a tedious and risky task, especially during peak hours. But you don’t want to see overflowing drawers and risking theft.

If your store cashiers are equipped with fast and accurate banknote counting machines, you can contribute these multiple cash drops easily in no time.

Record and Transfer Cash at the End of the Shift

Like you start a shift by rechecking the opening balance, you must end the shift by recording the closing balance. Then, wait until the next cashier verifies and the supervisor authorizes the shift change.

It’s a small routine task but staying consistent means you’ll create a disciplined approach in your busy store outlet.

Print a Till Sheet

If you see cash discrepancies regularly, you should print the till sheet at the end of each cashier’s shift. It will help you analyze the cash flow as well as trace errors.

You can do the reconciliation and verification through digital transaction history, but keeping a printed till sheet with detailed cash transactions at your disposal is a good practice.

Match Cash Against the Register Balance

Finally, you’ll need to collectively balance the cash for all drawers against the register balance. You must match balances for each drawer individually against the register balance first.

Then, reconcile for any discrepancies and errors. You can then match the closing balance for net cash receipts during the day.

Top Tips to Balance Your Cash Drawer

Cash handling is a tough task for cashiers. They listen to customer queries, process items, count cash, and maintain a record of all of these activities.

By far, the most stern aspect of a cashier’s day is to balance the cash drawer each day. It includes keeping intact the integrity and adherence to compliance protocols.

Here are our top tips to balance your cash drawer like a professional.

Assign One Cashier to a Drawer

It’s a standard procedure these days but if you are still not following this rule, apply it immediately in your store outlet.

Assigning one cashier to a drawer for the shift or day makes life easier for everyone involved in the process.

Arrange Sufficient Change

It seems odd but even the busiest stores and supermarkets may run out of change and coins. You’ll be losing money or overcharging with “rounding off”, only to annoy your customers.

Follow the Company Shortage/Shrinkage Rules

Every business dealing in cash sets a standard shortage and shrinkage rule. For instance, allowing cashiers for a +/- $5 during peak hour shifts.

Make every cashier at your store adhere to these rules or they’ll become complacent and even tempted to steal.

Reconcile with the Cash Statement

Cash reconciliation is part of your strategic cash handling process. Assign rules to cashiers, supervisors, and managers clearly.

Defining the scope of work for every individual involved in cash counting and reconciliation improves compliance and efficiency.

For instance, a cashier counting the total money at the end of the day shouldn’t be allowed to transfer that amount to the security vault.

Make Work Easier for Your Retail Store Cashiers

All things said and done, you’ll need reliable hardware to process piles of banknotes in your busy store outlet or supermarket. You cannot count these banknotes by hand to waste hours of precious time for everyone.

Identify your cash handling needs first. Perhaps, you need an ultra-rapid commercial currency note counter if you operate in a busy area or a bank-grade counter for mixed currencies.

Once you determine what type of banknote counter you need, it’s time to choose the right currency counter to meet these needs.

Explore some great options for bill counters to make work easier for your retail store cashiers with Ribao curated list of money counter machines.