3 Cash Management Trends That Can Save Restaurants Money
By Peggy Carouthers
Technology is improving how restaurants do business, yet many are unaware of trends and changes in cash handling. But improving cash handling procedures, software, and equipment can help restaurants not only secure money, but also help offset rising labor costs.
Here are some of the biggest cash handling trends impacting restaurants now.
Automation is already taking over the restaurant industry, and cash-handling is an easy task to streamline with the right service provider.
“With a shortage of qualified workers and with the cost of labor going up substantially, one of the biggest outcomes is automating low value activities,” says Lenny Evansek, senior vice president of SafePoint Business Development at Loomis.
Humans also introduce the possibility for errors, and manual counts and deposits take up time. Smart safe technology, such as Loomis’s SafePoint cash ecosystem, eliminates the need for manual deposits and counts so valuable payroll hours can be spent in the kitchen or with guests where they are needed most.
2. Solutions at Scale
For chains and franchisees, it’s critical to ensure best practices and cash operations are consistent across all stores to maintain accurate counts and maximize productivity. That’s why scalable solutions are also on-trend.
“It’s simpler to manage afar and from store to store when every location is following the same procedures,” Evansek says. “With Loomis SafePoint, the system is the same no matter how big or small a location is, meaning district managers, corporate, and loss prevention teams don’t have to learn how cash management is done at each store.”
3. Access to Data
Today, restaurant leaders rely on data to make every decision, and that’s why many restaurants are adopting smart safes that can help give insights into operations. For example, when an employee makes a deposit into a safe, the safe records who made the deposit, when, and how much cash was inserted into the safe. Cloud-based software ensures this data is secure and available to store management, district leadership, or corporate teams in near-real time. This simplifies work for accounting teams while giving managers insights into how well procedures are followed.
“Restaurants can see data on the Loomis Direct online portal or Loomis PlatformSync to run reports in real time,” Evansek says. “We can help clients by analyzing the data from the safe and adjust pick up service to reduce bank fees and cash on-hand.”
No matter how a restaurant needs to improve its cash situation, these high-tech trends help leaders learn more about their businesses and find ways to manage employees and the bottom line.
“A recent study by the Federal Reserve stated that 35 percent of all in-person transactions are paid for in cash, and 42 percent of all payments under $25 are made with cash,” Evansek says. “In quick service, where most transactions fall under this $25 threshold, cash is a very high percentage of all sales. Our smart safe solutions make it easier for restaurants to handle this incoming cash and improve operations at the same time.”
Learn more about these cash trends and Loomis’ cash management services.