Cash Register Management is Critical When you Own a Dollar Store
Who could ever imagine the sales volume that the corner dollar store can achieve. For most store owners it is a pleasant surprise how a little marketing leads to higher sales levels. With your ever-increasing sales comes the responsibility to properly manage that checkout area of your store. There will be a tendency for clutter and merchandise that was not purchased to build up. There will also be an unacceptably high buildup of cash in your registers. Since the clutter buildup is very visible, most of your employees will work to make sure it is addressed. Merchandise will be returned to its rightful location, trash will be disposed of, and other items will be taken care of appropriately. But what about all the money in the cash registers? How is that best handled? Certainly it is not to leave it in the cash register until store closing. In this article I present cash register management is critical when you own a dollar store.
If you own a dollar store there is a need to make sure you have sound money handling practices. Customers must receive the correct change each and every time. Cashiers must have only controlled access to the money inside their registers. All other employees must never be able to access a cash register. As cash builds up, it must be managed.
The greatest risk associated with allowing huge sums of cash to build up in your store cash registers is theft. A cash register overflowing with bills is like a flashing neon sign advertising it’s the right time for a robbery. An overflowing cash register is also a signal to a few employees that the time is right for taking just a little money. After all; you have so much and they work so hard. Huge sums of cash will also make some employees very nervous. That nervousness can easily equate to cash register errors which is the last thing you want when you own a dollar store.
Never allow excessive amounts of cash to build up in the cash registers of your store. Since this will become a daily problem, schedule periodic money pick-ups from all registers. Most banks are willing to provide extra cash bags for their higher volume customers. Use an empty cash bag to collect all cash bills in denominations of $20 and higher. Pick up credit card receipts and checks at the same time. Also pick up excess change from each cash register. Dedicate a different cash bag for each cash register and keep the cash separated to allow accurate balancing of each register at the end of the day.
If you own a dollar store one of the investments you’ll need to make is a high quality safe. Have the safe bolted to a concrete floor. Immediately lock all the cash bags into that safe. Match appropriate bags end of shift money for each cash register to complete the daily books following closure for that day. As sales continue to grow add a second cash pick-up to the process. Add even more pick-ups if required during the holiday season.
To your success when you own a dollar store!
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