Don’t bother counting your money!

First, it’s worth nothing that this applies to all physical stores, including convenience stores: if you’re not careful, you can end up losing money.

Indeed, cash management processes can be quite restrictive. Counting and re-counting the cash float to reconcile it with the accounting records, and then repeating the same routine with the manager before making bank deposits – all of these activities can take up precious time, potentially costing you sales and hindering your ability to build customer loyalty. In some cases, your cash registers may even have to close early for counting, and your employees may be tied up with administrative tasks instead of serving customers.

This does not concern me. I have only a few cash receipts… FALSE !

It’s a common misconception to think that the loss of money due to inefficient cash management only affects businesses with high volumes of cash receipts. Some argue that low-volume businesses like pharmacies don’t need to invest in automatic cash recyclers. However, the reality is that whether you process 300 or 3 cash receipts per day, the administrative burden and time wasted can be very similar.

Fine, I just have to stop accepting cash payments… FALSE !

It’s not a viable solution to simply stop accepting cash payments. In fact, in France, it is illegal to refuse cash payments. Cash plays an important role in social integration and a cashless society is not yet a reality. Even in the midst of the COVID-19 pandemic, cash remains the most popular payment method among French consumers, according to an IFOP study commissioned by Brink’s in October 2020.

Cost of counting cash :

So you lose about 667,68 euros per month just to count your cash!

Management and processing costs:

Add to that the time the manager loses in managing and processing the money (banknotes / coins) about 1 hour per week or 23.08×4 => 92.32 €. (counting, depositing, etc.)

Cost of mistakes:

CashMag recyclers