Let’s say that you run a business where you deal with cash on a daily basis. Even if your business is modest, you are likely bringing in thousands upon thousands in revenue. So, with that kind of cash flow, should you consider a cash-management safe? Well, knowing that some options can cost you well over $10.000, you really ought to think twice. This article will take a closer look and hopefully let you know if your business needs a cash-management safe.
What is a cash-management safe?
First, let’s establish what cash-management safes are. The simplest way to describe them is that they are safe storage between the cash drawer and the final disposition of your money (be it a bank deposit, car pickup, or a high-security safe). As you can likely imagine, your cash drawer is hardly enough to provide protection against any serious theft. And you cannot hope to transfer your cash so frequently that the amount stolen doesn’t bother you. Luckily, this is where a cash-management safe comes into play. It serves to keep your cash relatively safe until the time comes for long-term storage.
All cash-management safes come with extra safety features like anchor holes, bolt detent, and auto lock. They are also made from extra tough materials and designed to make unauthorized access to cash almost impossible. But is that all a cash-management safe can offer?
Apart from increased safety, cash-management safes can come with added features. The more expensive your safe is, the more features it is likely to have. But, also keep in mind that the size of the safe will play a role in the final cost. And also, know that it is not only your home that can be smart but also your cash-management safe. Some of the features you can opt for include:
- Audit trails – Everyone that wishes to access your safe needs to enter their own PIN code. Furthermore, you get different types of receipts and reports to help manage the cash flow
- Bill validation – As you can imagine, it does happen that counterfeit bills reach the safe. If your safe has a bill validation option, it will alert you
- Liquid-resistant keypad – If you really want to avoid locking yourself out due to an accidental spill
Cost of a cash-management safe
Cash-management safes usually cost $1500 and upwards. You can find some models at a lower cost, but how durable and safe they are is questionable. As we’ve mentioned, the more you play for the safe, the more features you can expect. There is an option to make your safe into a smart cash-management safe. While more costly, these safes provide extra features that make overall cash management much easier. As a general estimate, we would advise you to designate around $2000 – $2500 for a decent safe.
Know if your business needs a cash-management safe
So, with all this in mind, should you purchase a cash-management safe? Upon seeing all the benefits, it might seem that all businesses that deal with cash should use it. Well, as you can imagine, a cash-management safe is a business investment. Therefore, in order to know whether you need it, you need to consider your business as a whole.
How often do you work with cash?
The first thing to consider is how often your work with cash and in what quantity. Almost all modern businesses provide multiple payment options, only one of which is cash. Therefore, depending on your customer base, you may not see much cash even if your business thrives. In this instance, having an expensive cash-management safe won’t add that much value.
Do you have security concerns?
The second thing to consider is security. Namely, the main reason one would opt for a cash-management safe is to make their business safer. But, instead of making your safe the end-all of security, we would advise that you consider it as a last resort. With employees, you can apply increased safety practices or even video surveillance. That way, you can rest easy that no money will be misplaced. In the case of thieves or burglars, you might want to get an alarm system. All in all, if safety is your concern, don’t start solving it with a cash-management safe.
Do you have room for it?
Another thing to consider before you get a cash-management safe is whether you can fit it. The size of one can vary, but they are usually around 500mm x 500mm x 300mm. If you take into account that you need to have easy access to it, you’ll soon see that some businesses cannot fit even a relatively small cash-management safe. Therefore, you’d be wise to measure first and purchase second.
This is also important to remember if you are thinking about relocating your business, according to experts at evolutionmovingdfw.com. While you can learn how to transfer heavy items, you first need to consider where you are transferring them to.
Cash management made easier
If you do manage a lot of cash, you really ought to consider the benefits that a cash-management safe brings. Especially a smart one. By automatically counting money, checking for counterfeit bills, and tracking the ongoing ins and outs, you can make your everyday dealings much easier. In one stroke, you will save yourself from hours of checking your cash on a daily basis. And if you value your time, as every responsible business owner should, you should know how useful this is.
By now, you should know if your business needs a cash-management safe. If you deal with large amounts of cash and have extra room in your office, you should consider getting one. But, before you do, educate yourself on how to handle cash, and train your employees about proper safety measures. Safe practices are a must if you wish to make the most out of your cash-management safe.
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