High risk tasks need two people present one to carry out the activity, the other to monitor safety and oversee the task. If you watch police, armoured service technicians and clerks depositing cash into a safe they are often in pairs.
Cash should never be handled by one person All the information is provided on the gov.uk website.Ģ. To view someones criminal record, you have to apply for a DBS check. Its also a good idea to do background checks on your employees to see any previous convictions. If they are being dishonest on their application they’re more likely to be dishonest handling your cash. Studies show one-third of all applications contain outright lies. For new employees, check the validity of their statements on their CV or application. If your employee is going to be trusted with your cash, you should make sure they are trustworthy. The key areas to include in a cash handling policy are listed below: Cash handling policies normally focus on reducing cash loss however they can also help increase efficiency and reduce human error. Cash handling specialists such as ZZap Ltd help you choose the right equipment to eliminate human error, increase efficiency and reduce cash loss.Ī cash handling policy is set of rules to control the way cash is handed. Finally, point of sale safes are integral to a secure cash handling process. Cash counters can count cash faster and more accurately than even the most experienced cashier. Another way to significantly increase efficiency is to use a cash counter. Like employee theft, counterfeits are taken straight from your bottom line profit. With nearly £5 million counterfeit banknotes found in 2015 alone, it’s important to have effective counterfeit detectors at the point of sale. Percentage-wise British Pound Sterling is one of the most counterfeited currencies in the world. Even if you trust your cashier, that doesn’t mean they’re doing the job correctly.įurther cash handling inefficiencies can be attributed to a lack of (or non-existent) cash handling equipment. To top it off, cashiers normally escape punishment on a consistent basis since no controls means no accountability. This makes it all too easy for them to waste time, skip or partially complete tasks and make errors. Without any controls in place, a cashier can do what they want. Without cash handling policies, cashiers, especially if left on their own may cut corners and undertake bad practises. The chances are employee theft is already happening in your business.
Employee theft and fraud cost British businesses a massive £1,681 million pounds in 2012/13 and to add to that, in the same year £995 million was spent on security and loss prevention.
Although the figures have decreased in recent years, it is worth noting that the majority of employee theft goes unreported or even unnoticed. 10,315 employee theft cases were reported in 2013/14. An estimated 64% of small businesses are affected by employee theft, with just 16% reporting the crime. Cash loss is a big problem in small businesses. When employees steal from the till, this results in cash loss and discrepancies. To put it simply good cash handling can eliminate cash loss, save time and improve accountability. The new £1 coin, due to enter circulation in March 2017 I have also provided a quick overview of what types of safes complement a good cash handling process. In this article I provide you with the best cash handling policies and procedures. However is the way you handle your cash losing you money? You are unlikely to know if your cash handling is letting you down so its a good investment of your time to implement a cash handling policy. Despite advances in card technology, private individuals still choose to pay by coins and banknotes for 52% of their transactions (Source: Payment Council) and with polymer banknotes and the new £1 coin coming out in the near future, cash is still very much in the game.