The Importance of Cash Handling Procedures

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.

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

Winterizing Your Parking

Managing for snow and ice whether for Valet, Garage & Lots or Shuttle is very challenging. It can expose a property owner to a substantial degree of risk if not planned for properly. 

To help reduce that risk, we'd like to share a few tips and tricks we've learned over the last 23 years in the parking services industry.

Always make sure you have a plan! The plan should include: 

• Response Procedures
• Execution and Responsiveness
• Quality Control
• TIP: Know where you're going to plow snow before the big storm hits. This is especially important in garages. If needed, it's always a good idea to designate and block off certain areas for this reason. 
• Safety, Liability and Risk Management
• Equipment and Usage Procedures, Certifications, Standards, Safety and Education
• TIP: Proper training such as snow shoveling mechanics can save your staff from serious injury.
• Communications and Record Keeping
• Documentation and Verification
• TIP: Communication to your customers is very important. Let them know what to expect during a snow storm. 

A true parking partner, Parking Solutions listens to our clients and tailors each experience to meet their needs. Please feel free to contact us for a free quote/consultation or if you just want to chat about parking. 

www.ParkingSolutionsInc.com | Sales@parkingsolutionsinc.com | 888.469.7690

PSI has a new Website!

Parking Solutions is proud to unveil a new Web site that highlights the innovation that we strive to bring to our parking partners.

Check out www.ParkingSolutionsInc.com and let us know what you think.

Thanks to Horizons Companies for their work on this project!