Cash Management Tips for Your Service Station
Service stations are busy places with plenty of tasks that need to be taken care of daily. Depending on the day, there could be hundreds of consumers coming through your doors. Even on slow days, there could still be massive amounts of cash to handle.
Having so much cash to handle has its own challenges and with so many immediate tasks to be completed, cash management might take a back seat. However, better cash management can help keep your business and employees safe as well as improving efficiency, accuracy, and productivity.
Theft and cash handling procedures are much easier when you have the right tips, so let’s dive in.
The Purpose of Theft and Cash Handling Policies
A Theft and Cash Handling Policy is meant to assist in the prevention of theft and corruption within your business. It provides information as to your expectations of employees who handle cash as part of their work duties. It also informs employees regarding action that may be taken if cash shortfalls are found or if an employee is found to have breached this policy.
Steps to Improve Cash Management
1. Improve Security
A lot of purchases within a service station are still cash, especially if it’s under $10, so your team tends to handle more cash transactions than other businesses might. Storing cash in a safe place in the back until you’re able to get to the bank is a good start, but your business is still susceptible to robbery and theft.
Adding extra security measures such as cameras and implementing a procedure for employees in case a robbery does occur provides safety to your customers, employees, and your business. Procedures in the event of an employee theft can include disciplinary action and termination.
2. Protect Your Business Against Counterfeits
Counterfeiting technology has made it more difficult for your staff to manually detect fraudulent cash. Making use of detection technology can assist in identifying suspicious cash and help you keep your business safer. They check all cash features and reject any money that doesn’t pass inspection.
3. Keep Your Theft and Cash Handling Policies Up to Date
Clear and effective cash management policies are one of the best ways to improve the bottom line for your business, streamline operations, and protect your business. They’ll help your staff handle cash more effectively in every situation, which can result in fewer errors and other incidents. After creating a policy, keeping it up to date will ensure it matches the needs of your business as it grows.
ServoPro provides our members with different HR, Work, and Safety policy templates that can be found in the Member’s Portal. We analyze the needs of your business and help create a safe, efficient work environment. If you’re looking to improve your cash management, have a look through our policy templates and implement them today!