Proactive alerts and an audit trail help you focus on what is important to keep your cash safe, while saving you time. Note that this is a bare minimum example, which should be adapted to the specifics of your business. As mentioned above, different industries face different cash handling risks, so the policy should change to meet those specific challenges. And, small businesses need money to operate – which is why a cash handling policy is so important. Only the assigned cashier should be working the register assigned to them. Cash registers are the most important piece of equipment in any restaurant.
One way to do this is by mastering your cash handling procedures. Cash handling procedures can seem like a ground-level, nitty-gritty concern, but it’s one of the many tools above-store leaders (ASLs) have to protect their investment. When your employees handle cash correctly, it decreases the likelihood of loss, miscounts, and theft. Crafting effective Standard Operating Procedures (SOPs) is imperative for any restaurant cashier to ensure adherence to proper procedures and handling of funds. Your SOP should clearly outline the tasks to complete at the beginning of each shift in your store, such as counting the cash register, credit, and gift card sales.
Organize your safe
A well-crafted standard operating procedure for restaurant cashier will include specific instructions on how employees should handle payments and make changes accurately and quickly. Utilizing cash handling procedures and best practices can transform your restaurant, especially if you run a cash driven restaurant. However, restaurant best practices for cash management are not universal.
Internal theft, also called employee theft, represents a greater loss to businesses than external theft. It comes in many forms, and directly stealing cash, whether from the register or during the count, is just one type of employee theft. Good cash handling procedures can protect the organization, the employee, and prevent fraud in the workplace. Surveillance systems are also essential for keeping track of all activity at the register throughout the day or night. Surveillance systems provide not only protection against theft but also enable managers to observe staff performance without having to be there constantly. With these cameras installed, you can review footage if there is a discrepancy between what was on the register versus what was actually purchased by a customer.
It’s as American as Apple Pie
Counterfeit marking pens should be used for any large or questionable bills. Smart safe bill readers can also be used to detect counterfeit bills, especially for stores with smart safes. Cashiers should count (or witness the counting) of their cash drawer at the end of their shift and sign the corresponding paperwork. Scheduling is essential to getting this right since you need to allow managers and cashiers enough time to count their drawers at the beginning and end of their scheduled shifts.
- As mentioned above, different industries face different cash handling risks, so the policy should change to meet those specific challenges.
- When a staff member clicks “no sale” on the POS to open the drawer, it creates a paper trail so you can review what happened later.
- Depending on the size of the restaurant, you may have multiple cash drawers at any given time.
- Keeping a small amount of money in your restaurant cash drawer can help reduce the risk of loss or theft.
- Unfortunately, the restaurant industry is fraught with cash handling inefficiencies and risks.
- Owning a quick service restaurant (QSR) is a big investment (and not just the financial kind).
Without proper cash handling procedures in place, businesses risk seeing their profit margins evaporate. Restaurant Management Co. of Wichita Inc (RMC) is one of the largest Pizza Hut franchisees in the nation. Through this cash alternative, McCoy has significantly reduced the time spent making change and monitoring cash flow.
This may mean shorting a deposit to make the safe balance or adding to a deposit to make the safe balance. The bottom line is that safe overages and shortages need to be reconciled by the end of the day. Integrated Cash Logistics real-time reporting and cash-capture technology keeps you with customers instead of the back of house.
- Many Solink users even save clips of theft events to use as part of their loss prevention onboarding.
- An important first step of a cash-handling policy is implementing effective cash-handling training.
- But when business is booming, it’s easy for small mistakes to turn into big accounting headaches.
- Utilizing cash handling procedures and best practices can transform your restaurant, especially if you run a cash driven restaurant.
- The incoming and departing managers should both verify the count, and the restaurant leader and ASL must be notified immediately of any large variances.
- Scheduling is essential to getting this right since you need to allow managers and cashiers enough time to count their drawers at the beginning and end of their scheduled shifts.
- It also reduces efficiency when cash drawers need to be transferred to and from the safe between shifts.
If it isn’t possible to see the exact amount of cash exchanged, then audit the drawer. This is done by counting the cash in the drawer and comparing it to the amount of money that should be there based on the transaction data. If the till is over by the amount the customer claims to have been shorted, then refund them.
Restaurant staff handles cash regularly, including managers, servers, and bussers. To ensure a restaurant’s success and profitability, owners and other above-level leaders (ASLs) should establish cashier processes, handling cash guidelines, and cash drawer operations. You can minimize loss and maximize cash flow with the correct cash handling procedures and policies.
In an industry of people-pleasing hourly workers, the act of tipping in restaurants must endure for the sake of both server and customer. Tipping is a way to motivate employees and distinguish good service, and it gives guests a sense of control over their experiences. When a staff member clicks “no sale” on the POS to open the drawer, it creates a paper trail so you can review what happened later. If the register keys are left in the drawer, then the employee might be able to access the cash drawer without creating an event in the POS software. For businesses that take in much more cash, or those in high-crime areas, armored vehicle pickups might be necessary. If you opt for a smart safe, then you might not need to count or allocate deposits manually, which is an even bigger risk reduction.
Investing in Technology for Cash Handling Procedures
By limiting who can handle and have access to cash, businesses are able to ensure accountability and trustworthiness among staff members. Establishing clear guidelines on how employees should deal with restaurant cash flow management the money they’re responsible for is essential to prevent discrepancies or other issues down the line. In the restaurant industry, having well-defined operational protocols is essential for success.