Cash management is one of the most important things that are considered in a business. It is necessary to know the financial status of a business and see if it is correct or not. There are a lot of cash transactions that are handled by a business. It is very important to keep an account of all the cash that comes in and goes out. This is where the work of a cash drawer comes in. Cash drawers are used to manage the cash in the right way so that there is no missing transaction or missing cash even for a small amount.
Helps In Managing the Cash
When a customer purchases any good or service they pay for it which is taken by the cashier and, in turn, the cashier may also have to give them change. The system of the cash drawer is such that it is combined with the billing system which helps in determining the amount of cash that the cashier has in the cash drawer at the moment.
Helps In Reducing Cash Fraud
The cash drawer has a lock which can be opened by the person in charge. No one else will get access to the cash drawer and therefore there will be no theft of money. The cashier in charge will open the cash drawer only when a customer pays the bill and the money needs to be kept or change needs to be given, after which the cash drawer will again be closed.
Helps In Determining Accountability of Cash
It is very important to know who is accountable for cash transactions. If there is an issue with the transactions, then the person in charge of the cash drawer would be held accountable. This makes it easy to keep a track of the transaction records and avoid any miscalculation or carelessness on the part of the cashier.
Helps in Cash Reconciliation
Cash reconciliation is determining the amount of cash when the business is closed. At the end of each day or shift of the cashier, they will e able to easily state the transaction amounts that have occurred during his shift.
Cash drawers are therefore an essential part of any business. Cash drawer in New Zealand is a must for every business, whether small, medium or big.