What is Cash Automation?
Cash automation is the process of automating cash-handling procedures using sophisticated cash recycler machines and financial systems integration for cash-heavy businesses. Automating cash processes significantly reduces costs, removes risk, predicts cash needs, and reconciles cash on-site which eliminates costly trips to the bank and optimizes cash use. A business can automate their cash procedures with infrastructure using hardware and software listed below.
Cash Automation Hardware.
Hardware can range from cash counting machines to on-site smart vaults that act as on-site banks allowing instant reconciliation of cash holding as if it has already been deposited in your bank.
List of Cash Automation Machines and Hardware.
- Cash Counters – the smallest of the list are machines that quickly count cash but does not sort or prepare for re-use in the business.
- Cash Sorters are more sophisticated cash counters which can both count and also organize cash into proper denominations for use but is not linked to financial systems and requires manual human tasks to process.
- Cash Recyclers – both count and sort cash but also prepare cash for re-use in the business and are also linked to accounting systems.
- Smart Safes are sophisticated on-site cash vaults linked to the business’ financial institution and can reconcile cash on the books immediately to greatly reduce trips to the bank for cash deposits, risk from these trips, and human error.
- Point of Sale Systems can also be incorporated into your cash automation infrastructure from cashier systems to self-checkout machines, these customer facing/ front-end machines can also be seamlessly linked to back-end/back-of-office cash recyclers and vaults to further improve efficiency across the entire cash journey.
List of Cash Automation Software Categories.
- Cash Management and Forecasting Software: Monitor, manage, and forecast cash flows. It provides insights into cash positions, predicts future cash needs, and assists in making informed financial decisions.
- Point-of-Sale (POS) Integration Software:POS integration software connects cash transactions at the point of sale with back-end cash management systems. It ensures accurate recording of sales, updates inventory in real-time, and supports cash reconciliation.
- Cash Reconciliation Software: This type of software automates the process of reconciling cash transactions with sales and other financial records. It reduces manual effort, minimizes errors, and provides accurate insights into cash movements.
- Smart Safe Management Software: Used to monitor and control the cash stored in these secure devices. It tracks deposits, withdrawals, and provides real-time reporting.
- Cash Deposit and Collection Software: Manages the process of collecting and depositing cash. It includes features such as scheduling cash pickups by armored services and tracking the movement of cash to and from various locations.
- Currency Discriminators and Sorters Software: Cash counting and sorting machines often come with software that interfaces with the machines, enabling customization of counting parameters, reporting, and data analysis.
- Cash Analytics and Reporting Software: These tools provide detailed reports, analytics, and visualizations related to cash handling and management. They help businesses analyze cash trends, optimize cash flows, and make data-driven decisions.
- Cash Vault Management Software: This software is used by banks and financial institutions to manage their cash vaults. It tracks cash inventory, automates order processing, and ensures efficient vault operations.
- Cash Tracking and Security Software: For businesses with high cash volumes, these tools help track cash movements from point of collection to deposit, enhancing security and providing audit trails.
- ATM Management Software: This category focuses on software used to manage and monitor automated teller machines (ATMs). It includes functionalities like transaction tracking, cash replenishment scheduling, and maintenance management.
- Cash Workflow Automation Software: This software streamlines the entire cash management process, from point of sale to reconciliation and reporting. It ensures seamless flow of cash-related data and reduces manual interventions.
What Businesses Need Cash Automation the Most?
- Retail
- Food & Beverage / QSR
- Banks and financial institutions.
- Cash in transit centers
- Casino and Gaming
- Dispensaries
- OEM manufacturers of self service solutions
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Related Content:
Since cash needs vary from business to business we recommend speaking with one of our cash recycler experts to determine the needs and technology requirements for your specific use case. Below is a list of variables to determine which type of cash recyclers can benefit your company the most.
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