Manage Your Restaurant Cash Smartly With These Tips!
When you are having a healthy cash flow in your restaurant, you should manage it properly to prevent any kind of loss. As an owner, you should keep a close eye on every practice related to the cash. You should not leave things on employees. Keeping a watch can save you from potential financial drowning. Crimes are on its rise and you cannot overlook the fact. The risk is still there even if you have a trustworthy manager.
You should always act smartly when it comes to cash. Add the following tips to your loss prevention practices.
Get a fireproof safe:
Mismanagement and theft are not the causes of loss, fire risks are also there. No matter how vigilant you are, you have to keep your cash at a place where fire cannot touch it. Having a Fire Proof Safe wouldn’t only keep the cash safe from fire, but also from the burglars. Theses safes look just like ordinary safes but they are strong enough to bear the maximum heat from the fire. Besides cash, it can be used to hold your confidential and important documents or any precious ornaments.
Fireproof safes are offered in various shapes and sizes. You can get your hands on the one that suits your need. The small one is basically designed for the home purpose. On the other hand, bigger ones are for a business purpose. The bigger one would probably work well for your restaurant.
They are made with hard steel and a lining of insulation material (the material used to make fireproof items. Its composition makes it sturdy to fulfill your safety requirements. A plethora of options are there to choose from. Read the reviews before picking one. Not every safe turns out to be the same as it looks.
Set a process to keep things in place:
By having a proper process and policies, you keep everyone involved on the same page. The way cash is handled is significant. Train your employees in a way that keeps them up to the speed in all cash handling matters. Mishandled cash books can have you bear a great loss. Tamper-proof deposit bags should be used to amount of each bill deposited. Also, you should keep the system computerized that should be updated every now and then.
Inconsistency in the system would bring a difference in cash deposit and the money you actually got. In order to avoid such consequences, make the system consistent and in place.
Have accountability and security checks:
Sometimes cash goes missing and you fail to figure out where it went and this happens when there are no security checks. Smooth handling of cash is possible only with proper measures. There should be signatures of two individuals on any receipt or drawer closeout. The chances of fraud are less and more than one individual are stood responsible. There should also be a camera installed where cash is handled. Deposit the cash in the bank on regular basis. Keeping unnecessary cash handy is always perilous.
Frequently monitor sale exceptions:
Don’t give your employees a totally free hand. Monitor your system by yourself on regular basis. Voids, discounts and other sale exception like takeaway packet was not picked, the customer didn’t like the food or fraudulent discount codes are common in a restaurant. In order to keep your cash from stealing, monitor the exception on daily basis.
Do not give your employees a chance to steal by any means. Anyone from your restaurant team can pocket the cash if things are not being monitored. Tell them every day that they are accountable for every act.