Handling a Lot of Cash? Tips for Efficiency and Safety

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It’s natural to feel nervous if you have to handle a lot of cash. There is a reason, after all, that most people have switched over to using cards and, for lack of a better term, “virtual” currency. If you have to handle a lot of cash here are some things that you can do (or keep in mind) to help feel safe and manage your funds efficiently and accurately.

If you regularly take in a lot of cash, you should invest in one of those electronic money counters that businesses use to count their cash. This is particularly helpful for a business or entrepreneur who takes in lots of cash during the day—particularly if that cash is in smaller bills. These counters can save you quite a lot of time and ensure that you get an accurate count when you are balancing your register or “bank” at the end of the day.

Don’t keep all of your cash in one location. All this does is make you a target for robberies. Depending on the size and volume of your business, it is a better idea to just keep enough cash on hand to make change if someone needs it and store the rest in a much safer location. That safer location needs to be fixed or chained securely to the ground (or something too heavy to run off with).

Beware of large bills. Always have one of those counterfeit markers on hand so that you can make sure that the cash someone hands you is real. Use it on all bills $20 and over. Even better, do not take anything larger than a twenty dollar bill from someone. In addition to keeping you safe from scam artists, it makes your cash handling easier to keep track of throughout the day.

Don’t make change for anybody. Send the person to a bank. Short change artists are really good at what they do. You often won’t realize that you’ve been robbed until later in the day when you close out or tally up and realize that you’re missing a bunch of money.

Count back the change that you do give to someone as part of a sale. Counting back the change (up to the amount of the cash they gave you) reassures both you and your customer. You will feel better knowing that you won’t accidentally give back too much. Your customer will feel better knowing that they got all of the change that was due to them.

Don’t handle more than one cash transaction at a time. This is almost a guarantee for confusion and problems. You might think that you can keep track of all of that but the truth is that it is really easy to forget who gave you what money. It also makes you a target for short change artists.

There are lots of ways to ensure that you aren’t falling into bad (or potentially harmful) cash handling habits. Use these tips to keep you and your money as safe as possible.

 

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