Dollars & Sense: 11 Pieces of Cash-Handling Advice for Jewelers
It’s true that we’re in the digital age and that technology is permeating every corner of our lives. However, there’s one thing that hasn’t changed … money still talks!
Many people still use good old-fashioned greenbacks for their everyday purchases. Some may even use their Benjamins in your business for over-the-counter buying purposes. Either way, cash is an essential part of any business and proper handling is a must.
When faced with wads of dough, jewelers should keep this cash-handling advice in mind:
- Every staff member must be properly trained in appropriate cash-handling techniques. Managers should perform sporadic audits to confirm that proper cash management procedures are being adhered to.
- Use a counterfeit detector pen to help you avoid accepting counterfeit currency. The pen contains an iodine solution that reacts with the starch in wood-based paper to create a black stain. When this solution is applied to the fiber-based paper used in real bills, no discoloration occurs.
- Cash drawers that are in the view of customers should never contain large amounts of cash. If it is necessary to keep large amounts of cash available on the premises, be certain that it is kept in a locked safe or vault away from the sales floor and the public’s view.
Click here to read more about safes!
- If you start to accumulate a large quantity of cash, periodically move the excess cash to a locked safe or vault until you are able to deposit it at your bank.
Click here to read more about vaults!
- Frequent bank deposits should be made during daytime hours to minimize the need to carry a large amount of cash at the end of the workday.
- If you have a large amount of cash, consider using a courier service or security escort to make your deposit.
- If the need arises to obtain additional cash from the vault or safe, always make certain that at least one sales associate remains on the sales floor at all times. Always keep safes and vaults locked at all times when not accessing cash and/or jewelry.
- Do not become predictable by making bank runs on the same day or at the same time. Likewise, do not follow the same route to get to the bank.
Click here to learn how to take caution when traveling by car!
- Do not make it obvious that you are carrying cash. Use a lunch bag or container that will camouflage the fact that you are carrying money and do not use the same container every day. Do not make any stops on your way to the bank — go to the bank first and then make other stops if necessary.
- Keep a cash log. Document how much money you place in your cash register at the beginning of the day and also keep records with your petty cash fund. Keep withdrawal slips with your fund to reconcile it. Include the cash drawers and petty cash fund in your audits.
- Empty your cash drawer each night, placing the cash in your safe. Keep the drawer open on your register, displaying the empty drawer.
Now that you're keeping track of your cash, how about your inventory? Read up on these 5 daily inventory procedures that you should consistently practice.