Cash loss can be a serious problem for businesses of all types and sizes. The problem is especially serious for companies who handle relatively large amounts of cash, such as retailers. For these companies good cash handling procedures, can be the difference between a strong business and failing one. They need to give the protection of cash a high priority. Our operations manager, Nick O’Connor, says there are some guidelines companies should follow:

Cash handling on the Cash office

  • Always implement dual accountability in the area of cash handling
  • Only authorised personnel should be allowed in the cash office
  • All transactions should be conducted through the cash office hatch
  • Know your insurance limits on cash office safes
  • Use time locks during the trading day and overnight
  • Implement a split safe key system during the day and overnight
  • Process cash as quickly as possible and secure it in the safe
  • Schedule regular cash collections by a P.S.A licensed contractor taking into account projected sales/cash volumes.
  • Check all coin and note deliveries before signing the docket

Cash handling on the Shop floor

  • Always implement dual accountability in the area of cash handling
  • Know your insurance limits on cash registers and safes
  • Monitor the amount of cash in the till using the back office system or physically look in the till drawers
  • Vary the time of the pick up if possible
  • Always start cash pick up at the furthest till from the cash office and work back
  • Use appropriate equipment or systems when performing this task
  • Use a mobile panic button if available
  • Security personnel should accompany the person doing the cash pick up or monitor him/her on CCTV
  • Split the cash pick up if you feel that you will exceed your cash insurance limits