A good business management involves keeping an exhaustive control of incoming and outgoing money. When we talk about nightlife, music festivals or massive events, the situation becomes more complicated, so it is essential to have the necessary technology to automate and improve all processes, especially the financial management part of the event. This reduces the probability of error and increases profitability.
Box audits help us to detect errors before, during and after an event. Do you want to know what they are and how to perform cash register closings without surprises? We explain it all in the following post. Let’s get started!
What are cash counts and what are they for?
Cash counts are a tally of the cash transactions carried out during an entire event, concert or night at a disco bar. Both payments and collections made by any payment method are accounted for: cash, credit or debit cards, or electronic payments. In other words, it is an effective tool to keep track of all the money coming in and going out during a given period of time.
The frequency with which cash counts are recommended depends on the type of event. What we know for sure is that in order to generate a good image, it is necessary that the accounts reflect the economic and financial reality of the company.
Reasons for cash flow imbalances
When the money in the cash register does not match the money that should be there once the sum of all the tickets has been added up, it is said that there is a cash register imbalance. Let’s see what the main reasons are:
- Accounting errors. When analyzing the money transactions made over a period of time, we can find mismatches caused mainly by human activity. There is a risk of having improperly recorded a sale, for example.
- Misplacement of sales receipts. Another reason why the result of the cash count may be lower or higher than the company’s accounting balance is the loss of tickets or payment receipts.
How to perform cash counts without oversight
Closing the cash register is a recurring task that all companies, whatever their nature, carry out on a daily basis. Incorporating technological tools such as smart point-of-sale software will help them to make their business more profitable.
Now that we know how important it is to carry out a cash register closing and the reasons for which miscounts can occur, let’s review some tricks to avoid errors or misplacements at the time of cash register counting.
Digital software for points of sale
Our first recommendation is that you perform automated cash counts. Automatic cashing devices linked to point-of-sale terminals are a very effective tool to account for cash generated and reduce the probability of error.
In addition, tools such as the smart POS software for nightclubs have an integrated management tool that helps to collect and control the statistics of the place.
As a promoter or manager of an event, betting on digitalization brings great benefits for all involved: staff members, users or promoters. More agile processes, real knowledge of your audience and their consumption habits, increased revenue and improved experience are some of the advantages of integrating a digital POS software to your event.
Smart automatic cash drawer
Another solution to avoid cash flow problems and make your company’s activity more profitable is to have an intelligent cash drawer (cashlogy) through which cash payments can be made.
The operation of this tool is very similar to that of a safe, since the money that is introduced cannot be withdrawn without prior authorization. This tool performs the collections automatically and manages the delivery of change digitally, thus decreasing the probability of error.
In addition, this cash drawer can be connected to POS software to ensure that daily transactions are computed for cash closing.
Eliminate the cash count process with the Gofun bank the smart POS software
Closing cash registers can be a complex process when there are no point-of-sale systems to record sales, purchases and other expenses. This process becomes even more complicated when there are different points of sale at the event venue and the option to combine different payment methods in one sale.
Do you need to improve the management of your event? With Gofun technology you will be able to perform cash counts without any error and increase the profitability of your company. Our software that combines payment terminal and portable point of sale is designed to facilitate and optimize operations in all types of events and venues in the leisure and entertainment sector. Contact us, we will be happy to advise you about the digitalization of your company.