Whether you’re part of a local or federal government organization, you most likely accept cash as a form of payment. From collecting taxes, fines and parking tickets, utility bills and more, government offices surprisingly receive a steady intake of cash.
However, in addition to accepting cash, the organization’s employees are tasked with ensuring they meet their office’s established mandates and regulations. While the procedures are meant to help keep the deposits and everyone on premise secure, government employees are all too familiar with the challenges that come along with manual cash management.
Additional challenges include:
— The need to make risky trip to deposit cash or make change at the bank
— Lack of response and communication on RFPs (request for proposals)
— Excess cash onsite increases risk of theft and loss
— Time-consuming tasks of ensuring deposits and funds are balanced within 24 hours
The frustrations above mixed with poor cash handling procedures can lead to missed deadlines and compliance violations. But establishing an efficient cash handling policy can be difficult, especially when departments are unable to get a response from their RFP or even speak to anyone with questions through the duration of their contract with a cash logistics company.
Fortunately, using the best practices suggested below and outsourcing cash management to a trusted and experienced cash-in-transit company, government organizations can better streamline their operations.
Quick Tips to Improve Cash Handling
When selecting a cash management process, be sure to consider the services and benefits that will increase the efficiency and security of the department’s operations.
In order to better streamline day-to-day tasks and ensure the safety of your cash, follow the steps below:
1. Complete the RFP Process
Most government organizations outsource their cash management to a cash-in-transit provider. When selecting and reviewing the contracts, be sure the company selected can meet your department’s specific security and communication needs. Work with an experienced company who can simplify the process, save the organization time, and verify there is a direct customer support to assist with questions during the bidding process and after implementation.
2. Establish a clear cash handling policy
After selecting a cash logistics provider, clearly outline all procedures for accepting cash payments. The policy should include deadlines, a list of employees with authorized access to the funds, and where the cash should be stored until the bank deposit.
Once the policy is complete, ensure all responsible parties—including the CIT provider— and employees fully understand their roles and responsibilities.
3. Minimize the amount of hands handling cash
Reducing the amount of people touching cash from the transaction to the deposit at the bank helps avoid the possibility of fraud, counting errors and theft. Ensure only authorized and essential staff handle the cash, and the deposits are kept in a locked and secured location until picked up for deposit.
4. Leverage armored services
When completing the contract with the CIT service, be sure to include armored services. Trained security professional will work with the government organization’s current security policies to ensure they meet the regulations to provide the most efficient and safe deposit pick-up.
At the same time, the CIT provider can also deliver change orders. This keeps employees in the office, in front of visitors – letting them focus on their job duties and ensuring their department continues to run smoothly.
5. If budget allows, invest in a smart safe
Implementing a smart safe can help automate the cash handling process. The safe not only secures the deposits, it also increases employee productivity by letting them get back to their other responsibilities rather than manually counting cash.
However, smart safes may not fit in the budget. In that case, look into other security products, like a vault or teller box, to ensure the cash kept onsite is secure until it can be transferred to the bank.
Government organizations that implement these practices and use a trusted cash logistics provider can ensure their office, employees and deposits are better protected and prepared for accepting cash payments.
Working with a CIT provider is a cost effective solution that ensures payments are made by their due dates while reducing operational risks to the department. Additionally, organizations can improve visibility into their cash flow, enabling them a greater opportunity for active management of their funds.
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