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Cash control is the number one priority for retailers as cash, being a liquid asset, is the most attractive item for both external and internal theft. Strong internal controls to safeguard cash receipts (i.e. incoming cash) are needed to protect against the mishandling of funds, either through theft or fraud such as in-store cash skimming, or human error. As such, all business owners should plan effectively how to minimize the risks and, in this blog, we will provide some best internal control practices for retail cash receipts.

1. Use a CCTV surveillance system

Installing an CCTV surveillance system is a highly effective deterrent for those wishing to commit any crime, including theft. Moreover, any footage captured serves as invaluable evidence in case of any incident. Security companies such as Guardforce Macau can help to plan tailor-made solutions for each business to ensure the system is effective and meets each client’s specific needs.

2. Have clear segregation of duties

It is important that during the cash handling process, there is a clear segregation of duties. No one person should be responsible for the collection, counting and banking in of cash income. On top of this, retailers should implement regular cash reconciliation throughout the day such as at shift changeovers. This acts as another deterrent against theft and also helps to better pinpoint where any inconsistencies are occurring.

3. Store cash in a secure place

It goes without saying that cash should always be kept in a secure place. This was traditionally done using a safe. However, these days there are more advanced solutions available such as an in-store cash deposit machine as shown below. A retail cash deposit machine not only serves as an effective safe, but also as a speedy cash counter (including multiple currencies and counterfeit note detector) removing the risk of human error.

4. Bank in cash regularly

Cash, even kept in a secure location such as cash deposit machine, should always be banked in regularly. This helps to protect loss especially from external robbery. If this is not something that can be done regularly, then use a professional cash-in-transit service. A cash-in-transit service not only ensures regular and secure collection and banking in of cash, it also removes the risk any shop staff member takes when they are transporting cash to the bank and saves them from waiting in lengthy bank queues. Guardforce Macau’s cash-in-transit service for instance has a 24-hour turnaround from secure cash collection to bank deposit.

Learn more about Guardforce Macau’s cash processing solutions

By implementing the internal controls above, retailers can effectively mitigate the risk of theft or mishandling of cash receipts. Guardforce Macau offers a variety of solutions from state-of-the-art CCTV surveillance systems to cash deposit machines and secure cash processing logistics. For a free consultation to discuss your business’ needs, click here.