Cash reconciliation is a time-consuming but necessary process for understanding the finances of your business. But with automated cash reconciliation tools and processes, it doesn’t have to be.
Reconciling payments for any business can be a burdensome activity with a high margin of error. Find out how cash management solutions work and how automated reconciliation software can streamline your processes to save time and energy for yourself and your employees.
Integrated Cash Logistics does more to keep your cash secure without provisional credit.
Understanding Automated Cash Reconciliation
For businesses of all shapes and sizes, matching financial transactions is a tedious but crucial component of maintaining good financial health. Cash reconciliation occurs when manual cash counts are compared to receipts, reports, and other financial documents to make sure every dollar and cent is correctly accounted for. This task happens on a daily basis whether it’s reconciling cash drawers when new cashiers start their shift or finalizing the daily deposit that needs to go to the bank.
To eliminate the need to manually compare cash-on-hand to these statements, businesses invest in a solution that automatically aligns financial data with bank statements, transactions, and other reports. It then flags issues that need to be resolved by the manager or business owner, still leaving reconciliation at risk of human-error.
Alternatively, with a cash management automation solution like Integrated Cash Logistics’ (ICL) CashSimple®, the worry about automated bank reconciliation is eliminated completely. Any bank reconciliation automation that may be required from the moment the cash enters the safe to its reaching the bank, is entirely ICL’s responsibility. Your cash is purchased by ICL so there are no adjustments needed.
6 Ways CashSimple® Supports Automated Cash Reconciliation
With the complete cash management solution from ICL, cash flow is accurately and timely reflected in your bank and financial records because there is no lapse in funds once deposits are entered into the CashSimple® safe.This transforms business operations by removing the guesswork and extra labor of manual reconciliation.
CashSimple® decreases wasted employee time, and enhances the security and peace of mind of your assets. It eliminates the need for multiple spreadsheets and manual work, allowing your employees to focus their energy on what matters most, serving your customers.
Let’s take a look in more detail at some of the many ways integrating CashSimple® into your business operations can create instant efficiency and cost savings.
Outsourcing to a solution like CashSimple® can solve the hidden costs of cash in transit services.
Real-Time Cash Management Tools
The automatic reconciliation of CashSimple® empowers you to have a better grasp of your company’s financial health with real-time reporting, financial trend analysis, and cash recognition.
As a business owner, having a comprehensive and real-time view of your cash flow allows you to focus on more strategic decisions and gives you a better picture of the company’s finances.
- Real-Time Reporting and Trend Analysis: Business financials are ready at the click of a button with real-time reporting, trend analysis, and change capacity overviews. When the deposit is fed into the CashSimple® smart safe, it is immediately purchased by ICL and within 24 hours, deposited into the business’ bank account. Cash flow is accurately and timely reflected in your bank and financial records because there are no gaps in data once funds enter the CashSimple® safe.
- Integrated Coin Drawer: CashSimple® software tracks each store’s change usage, our custom technology uses data to anticipate how much change is needed at each location. It tracks usage and trends so coins are automatically ordered, eliminating the risk of a coin shortage, last minute runs to the bank, or unnecessary late-night cashier reconciliation.
Reduced Manual Handling of Cash
Whether you work in retail, restaurants, or any other industry where cash is involved, cash handling is an unavoidable requirement of doing business. Instead of leaving physical cash handling, counting, and transferring to your employees, opt for a more secure option like Integrated Cash Logistics Smart Safe Technology and cash management solution. Cash taken in from customers is immediately purchased upon deposit into the smart safe, mitigating the risk of loss or theft. Not only will your cash be deposited more promptly, but you’ll also have instant and accurate financial reporting, so you can more easily evaluate business health.
Enhanced Operational Efficiency
Eliminate the need for traditional cash recycler machines, trips back and forth to the bank, and hidden fees of armored car services all while minimizing manual cash handling with an automated solution like CashSimple®. In addition to streamlining your business operations, your employees will be more productive now that tedious tasks related to cash management are taken off their plates. Aside from the savings in labor costs, simplifying your vendors can mean big savings in the long run. Your employees get to focus on more value-added tasks, and so will you!
Save on your bottom line by avoiding unexpected and hidden fees from other cash handling services.
Advanced Discrepancy Management
Prioritizing business cash management can be the difference between an inefficient, time-consuming chore and a smooth, reliable financial engine. Even with an experienced accountant, getting cash payments reconciled with your bank and accounting software can take time and is always prone to human error.
CashSimple® runs on its own behind the scenes, leaving reconciliation automation up to ICL instead of your employees. ICL does not use provisional credit and instead buys deposits out-right, making any discrepancies between the deposit amount and the bank their problem. They work with the bank or armored car service to determine where things went wrong and inevitably take on any potential losses.
Businesses only need to worry about managing discrepancies throughout the day as cash registers are counted and the full deposit is set aside. Once that sum enters the CashSimple® safe, the burden of risk is transferred to ICL.
Single Point of Contact For All Needs
One of the biggest challenges to automating cash reconciliation is knowing who to call when things go wrong. Is it a banking issue, a problem with your software, or was there a problem with your armored car service?
If you’re tired of juggling multiple vendors to handle different aspects of your cash and financials, switch to an all-in-one option. Integrated Cash Logistics handles all cash needs for your business, so you have a single point of contact for all service and support. They take care of calling the bank or cash-in-transit pickup when challenges arise. This not only improves the experience for your employees but also ensures you receive tailored support and issue resolution every time based on your unique business needs.
Customization and Scalability
Not all solutions grow with you or allow you to truly customize. CashSimple® can be customized and scaled to meet the specific needs of any business, regardless of size or industry. Common challenges to customization and scalability include:
- Deposits going into multiple bank accounts
- Your business location falls outside of your bank’s service region
- Armored car service schedules don’t align with business priorities
Because ICL carries the responsibility for many important aspects of cash management, we meet your business where you are.
Bank where you want, with who you want. Stop worrying about armored car services because money is safely in your accounts within 24 hours of being deposited into our safe. Feel confident to flex and change as your business needs evolve because ICL will be right there to support you through every step of the way.
Optimize Your Automated Cash Reconciliation with CashSimple®
Improve your company’s financial transparency by adopting CashSimple® from Integrated Cash Logistics for account reconciliation automation and a complete cash management solution. Save time and energy, prevent fraud and loss, and maintain accurate finances to drive key business decisions. Give yourself peace of mind, and a strategic advantage over your competition. The more you know about your financial health, the better your chances for growth and long term success.
Still not convinced? Schedule a demo to see firsthand how ICL’s proprietary software and cash management, CashSimple® can simplify your business’s cash reconciliation needs and boost performance.
