Do you rely on a consistent stream of incoming cash flow – customers paying for parking services with cash, checks, and credit cards – to keep your operation afloat? Do you have multiple front line staff handling your cash transactions every day? Do you ever wonder if you are losing money somewhere along the way? Proper Cash Handling Procedures are a very critical part of managing any size parking service operation.
Proper cash handling policies for processes like cash drawer management, shift start, end of day closing, cash reconciliation, disciplinary actions and daily deposits are very important when it comes to protecting your operation from risk.
Lack of Cash Handling Procedures can lead to risks including theft, reuse of valet and garage tickets, not using tickets, over charging for services, misusing validations and manual gate overrides to name a few. These risks all result in a significant loss for your operation.
Front line staff that handle cash carry the greatest risk. Proper Cash Handling Procedures greatly reduce these risks.
The purpose of a Cash Handling Policy is to safeguard your cash, reduce risk, establish accountability and define uniform practices. A proper Cash Handling Policy:
· Establishes documentation on the day-to-day standard operating procedures for cash management
· Creates a centralized approach for the daily operations which allows for a controlled environment for all employees
· Ensures each cashier is held accountable for their transactions immediately following their shift
· Provides immediate feedback to the management team from an auditing perspective for all cash and validations
· Creates control measures for front line staff at every phase of the daily operation
· Ensures security for your parking operation
Not only do proper Cash Handling Procedures protect you from the risks talked about above, they also send a clear signal to your front line staff that mistakes and/or theft in your operation are not an option.
If you feel that your Cash Handling Policy needs help, it’s never too late to improve it. Start by understanding your cash handling processes and identify what risks you face.
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