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.
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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.
If
you have any questions, please feel free to contact us at sales@parkingsolutionsinc.com
