Cash handling in business is a job that needs extreme attention and detail. It is essential in maintaining big and small businesses. However, handling cash is not always possible for humans, as to err is human. There is a lot of risk factor.
According to research, The average loss is $2,800 from a robbery or a burglary. Even if you have a security system, there are chances of a thief stealing your valuables. A security camera or guard system is not enough to keep your valuables and cash safe. You need some solid protection. Also, it is necessary that you have your valuables near you in case of emergencies.
Want to know what can help you? You need a solution for your cash handling that will improve the efficiency of the process and reduce the cash handling issues. That is, you need smart safes for the cash for your business. This article will help you to know what smart safes are and why they are essential for businesses.
What Is A Smart Safe?
A smart safe is for cash and other valuable management that will assist you in overcoming handling issues and gaining greater insight into your cash flow. These are technologically advanced safes that enable you to track your company’s cash at every stage of the financial management process. These safes enable making a detailed report of the cash flow.
These depository safes are comparatively more advanced in management and technology than traditional ones. The safe is designed to make it easily accessible and efficient. The interface is such that you can also get to know the history of cash flow and management. They keep a record of all transactions and movements with cash and other things in the safe, thereby reducing the threat of fraud and robbery. It also keeps you satisfied and confident of the employees.
These smart safes are perfect for businesses to store important documents, cash, and other valuables. They come with fingerprint protection, LCD screen, inbuilt wifi connectivity, app accessibility and much more. Making it the perfect solution for valuables handling issues.
Why Should Businessmen Own Smart Safes?
It is necessary for all businesses to win smart safes for convenience and accuracy in the record and security system. Smart safes set the business standard by combining security and cash storage aspects from traditional safes. Here are a few benefits of the safes.
1. Increased Security Of Cash
These devices limit potential safety and security risks. When cash is placed in a safe, it is insured and assured against loss. Smart safes reduce cash visibility by storing it away from vision and limiting manual counting and handling, which exposes it to external and internal theft. Cash deposit devices also restrict cash access, adding accountability and record keeping of financial transactions.
Unfortunately, technology had made it possible for zero counterfeit detection, which put all businessmen into a havoc. You can no longer detect counterfeit frauds with regular visibility, which pushes employees to adhere to strict benchmarks for cash handling. Smart safes are designed to protect cash finances from such frauds. They are equipped with bill validators, which actively prevent counterfeit frauds and other unethical discrepancies. This feature leads to a secured financial journey for your business.
2. Multiple User Safes For Employees
The art safes are not just designed for individual uses, they are designed for groups or families. One safe can be shared among 4 to 5 people. Thus, the employees can share the safe. However, each will have its pin and biometric.
3. Easily Accessible Through Phones
Business is not often conducted from offices. Sometimes, employers have to go on tours and seminars. These safes become very accessible while traveling as they can be operated through apps on phones. Thus, you need to put your valuables in the office in somebody else’s possession. Thus, all businesses should have smart safes with security pins for their employees so that they can operate them from the convenience of their homes.
4. Enough Storage Space For All Valuables
The smart safes are designed per user convenience. There is enough storage space for valuables like important documents, passports, cash, and other things that employees carry to the office. Safes are better than lockers because they provide enhanced security and a sense of assurance.
5. Enhanced Accountability
The tasks in a business are divided among various employees and workers. The respective person is responsible for keeping a record and reporting his/her work. However, no matter how accurate or genuine the report is, it’s challenging to decide a person’s accountability because of the lengthy process. This issue mainly occurs in cash handling or inventory handling and management.
At such times, a smart safe is very reliable. You can know who and when the safe was opened, what transactions and movements were done and so on. The safe has a history and records all the unique ids of the customers. Thus, there is better accountability.
6. Provides Real-Time Data
Accurate and real-time data is fundamental to keeping a record and analyzing the business. These safes provide data whenever needed. It is accurate and reliable, as it doesn’t involve manual work. Thai data can also help you in analyzing the cash flow and trends of your business. You will be able to understand if there’s development Or recession in the business.
7. Temperature Controls Inside The Safe
The safe is not just used for cash management. It can also be used for storing other essential things. These smart safes now come with technology for controlling the temperature inside the safe according to the things stored. You can easily access it through phones. It not just ensures security but also gives assurance to the user that their things are monitored ideally.
So, this is an insight into why these safes are smart and how they can help your business grow.
8. Cash Insights
Smart depository safes have become extremely valuable for their outstanding integration capacities with cash management software. The essence of intelligent safes revolves around their exceptional cash tracking and management features. As a business person, you can achieve a great deal of awareness of financial inflows and outflows. By providing keen visibility, your finance is secured at a lower unit.
Additional cash insight features are as follows:
- Cash analytics: Cash analytics is crucial for all entrepreneurs seeking to utilise their finite finances efficiently. Smart safes provide a secured cash management platform where you can access all the information about inflows and outflows. These statistics enable management to acquire relevant information for decision-making operations and other necessary business activities like balances, reporting, and reconciliation.
- Cash forecasting: Forecasting is the fundamental activity carried out by all financial analysts and management accountants. Smart depositories provide static information, insights, foresight, and trend analyses.
- Cash status and utilisation: Smart safes do all the maths for you and display required data about denomination status. Doing so will enable you to achieve forecasted target profits and enough cash in hand.
- Device management: Smart Safes enable robust device safety and health management by providing remote troubleshooting features.
- User tracking: User profiles can be accessed for auditing and reconciliation trails.
9. Lower Cash Transportation
Another significant advantage is the reduction of Cash in Transit (or CiT pickups). Smart Safes provide valuable information to business owners and retail workers about depositions made in cash directly to their banks. Around 12-13% of the costs and expenses are hiked through CiT charges and cash pickups. Smart safes reduce these percentages by securing the amount until the service is complete and the cash is picked up. This way of credit handling will enable consumers to avail credit until the deposition is transacted, preventing depositions on a daily basis.
Smart safes are insurance-rated devices designed for storage and cash management, enabling complete security for on-site warehouses and consolidation for a number of days before physical pickups.
10. Credit Access For Working Capital Requirements
Working capital management is fundamental, especially for retail businesses whose cash inventory undergoes frequent changes. Smart safes enable you to access a systematic record of every transaction in an electronic form. Business people can also avail of credit loans from those financial institutions that issue credits before funds are physically transferred. This advanced access to financial resources can meet working capital requirements in a split second.
11. Efficient Utilisation Of Time
Among the essential resources smart safes save is time. Smart safes reduce inefficiencies on the part of employees for cash handling and management, thus providing a higher incentive for enhanced profits. Managers and workers can focus on crucial aspects of the operations, increasing the speed of activities.
Recent statistics show that businesses spend around 76% of their time counting denominations, tracking cash transactions, and managing other cash-handling operations on a manual basis. Traditional methods proved inefficient due to human errors and reconciliation efforts. Smart safes have set the trends to gather real-time data on cash savings and cash insights for precise decision-making.
Now, you are well aware of all the benefits of a smart safe. They make work easier by doing all the cash handling and management work, thereby reducing the tedious manual work. It also keeps records of who accessed the safe with its unique identification codes and biometric system.
They will keep all your valuables extremely safe with no threat of tampering with documents or burglary. Seeing the high technology and advancement, you must consider getting safe for your company. They are designed to make them easier to operate; however, you can also get them customised per your usage and requirement.