Money management becomes an easy job if you have a dedicated cash drawer for keeping currency notes of various denominations and coins.
Cash drawers are management tools used for tracking the flow of monetary transactions and safeguarding lose money and coins. And the better the tool, the better the management is.
If you are looking for a money management tool, then this article could be an eye-opener for you
First, understand the design of a money box
It is a square/rectangle size box with a little depth to keep the loose currency in its place. Only high-quality material that can withstand pressure is used for making currency boxes. For example, these boxes don’t break even when they fell on a concrete surface. Also, they can’t be broken with a hammer and other tools.
Inside of a portable cash drawer is divided into several compartments for keeping currency notes and coins. And there is ample space for keeping currency of all denominations. Also, each compartment is equipped with a metal clip to keep the currency notes at their place.
For example, when you want to keep currency in a box, you will need to pull the clip of a compartment where you want to keep the currency notes and place the money in the compartment. The clip will come down to hold the money in its place. Similarly, you can draw money from a box by pulling the clips of the compartments.
A POS cash drawer is a lockable box connected to a point-of-sale machine. And you need to operate the sale-machine to open the box. Or you can use its key to open its lock. All these features of the box make it a reliable money management tool. It will open only when an authorized person opens it and it will assist in managing currency notes and coins in its compartments.
The biggest advantage of having a lockable money box of robust design will give you the confidence you and your employees need to manage the flow of money. But it isn’t the only advantage of using a lockable money box for your point-of-sale counter.
Here’re some of the biggest advantages of using a lockable money box
Whosoever operates the sales counter will be held accountable for managing the monetary transaction done in currency notes and coins. And here a lockable money box linked to your sales counter can provide real help in money management. The employee managing the sales counter will manage the currency with the help of the box. And it is easier to manage carefully arranged currency in a box. The employee will manage the box and the POS cash drawer will manage the currency.
Since all the currency notes and coins will remain in the box and in a well-arranged position, there are few chances of mismanagement like physical damage or spoiling. Every time you open the box, you will see all the currency notes well arranged in separate compartments. You will open the box only for transactions. There are no chances of yours or any other accessing the box that could lead to mismanagement.
Prevention of loss
You can buy a cash drawer online and your investment in this lockable money box will give a huge return in the long run. Since it is lockable and the money is kept in a well-arranged format, it can prevent losses like theft. It is so because no one will be able to access the box without its key. Also, it is easier to calculate the money that is well-arranged. You can sense the missing amount by simply looking at the box. And prevent loss will increase the profit and return on investment in the long run.
You will agree that keeping currency notes and coins in a box will improve the hygiene of your employees managing the sales counter. They won’t have to scan all the money kept in the box for a transaction. They can take out the currency that they want while leaving the other things untouched. For example, if you receive Rs. 200 from a customer and you want to return Rs. 20 to him. You will open the money box and put the Rs. 200 note with other notes of a similar denomination and take a note of Rs. 20 from another compartment and give it to the customer.
At the end of the day, you calculate the profit by drawing cash collection from all the sales counters. And it is a big exercise as you will draw currency notes of all denominations from different at one place and then count them. But having cash drawers would make it easy for you to count the collection. You can simply calculate the currency in each box and then add a calculation of each box to find the total profit.
Each point-of-sale has its money box where the money earned from that sales counter is kept. You can check the profit of a sales counter from its box. In this way, you can calculate how much profit a sales counter is making. It will give you a fair idea of which sales counter is slow and whether it needs optimization.
There could be more benefits of having a dedicated lockable drawer for keeping currency notes and coins. But the above-mentioned six advantages are the biggest of all. Also, you will get complete peace of mind while looking for a cash drawer for sale in India. It will put an end to all your cash-related woes.