Most businesses have to handle cash on a daily basis, which makes it a necessity to have a cash storage solution. With so much cash in circulation, it goes without saying that most businesses will have to eventually find a storage solution that caters to their needs. Some business owners opt to automatically transport their cash to a secure storage location, while others prefer to store cash in-house before it is transported to a bank.
For those business owners who take advantage of in-house cash storage, there are some basic considerations you have to make to ensure that your company’s revenue and resources are not being jeopardized. Here are the basic tenets of in-house cash storage:
Know How You Will Store Your Cash
Most businesses are caught off guard when it comes to storing cash because they do not have an adequate solution in place that allows them to do so. So first things first, you should have a basic idea of how your business wants to store cash.
Several different factors will influence the storage solution that you choose. These factors include the number of cash transactions that you handle on any given day, the amount of space you have to dedicate to cash storage, etc. In-house cash storage can either be a permanent or temporary solution.
Regardless of the longevity of your in-house cash storage, businesses should strive to purchase a quality safe that can handle their storage needs. Companies need to understand the differences between the main types of commercial safes and choose one that is strong enough to withstand attempts at unauthorized access.
Also, businesses can utilize auxiliary security measures in addition to their storage solutions to keep their in-house cash storage secure. Common examples of these auxiliary security measures include surveillance cameras and monitored security alarms. These security measures help watch over your cash storage space even if there are no employees around to do so.
Implement Robust Key Control Policies
Key control systems and key control policies are an effective tool that business owners can take advantage of to protect the cash stored in-house. Implementing key control policies helps set a basic level of security in your company, and it also helps limit the access that people have to the cash that is stored on hand. Essentially, unauthorized employees and clients will not be able to gain access to your cash.
Companies can either utilize physical key control solutions or automated solutions. Physical key control solutions would involve the introduction of a master key system that is meant to reduce the foot traffic to certain parts of your company. Automated solutions would make use of key cards, key fobs, biometric scanners, etc., to limit access. Some automated solutions are better suited for in-house cash storage because they cannot be circumvented by an employee or client who might know how to pick locks.
These kinds of secure automated solutions are usually way too expensive for some small businesses. However, these businesses can still employ the use of some of the best front door locks in, and around, their offices to aid in key control efforts.
Keep Track of Cash Flow
If companies decide on in-house cash storage, they need to make accommodations that allow them to track their cash flow. Essentially, there needs to be a system in place that documents the route the cash takes from the time it is accepted until the time it is placed in storage. Due to the way most businesses work, you will be hard-pressed to find a company that stores cash as soon a transaction is complete. There are several steps and processes that have to be accounted for, and it is very easy for cash to end up missing before it is even stored.
If this happens, then your in-house cash storage solution is already in jeopardy. Ideally, companies who are using in-house cash storage should make use of a cash count sheet. A cash count sheet will help them keep track of how much cash is being handled and who it is being handled by. If a system like this is coupled with the robust key control policies that were discussed above, your cash can be stored securely.
Figure Out How To Transport Stored Cash
The final tenet that business owners have to consider involves cash transportation. Regardless of the way you store cash in your company, it will have to be transported at one time or another. Companies can decide to handle cash transportation themselves or use a qualified cash service messenger.
Cash service messengers usually have the skills and equipment necessary to safely transport your resources. Utilizing this service alleviates the burden on business owners and allows them to spend more time focused on running their business and achieving stellar results.
Ralph Goodman is a security expert and lead writer for the Lock Blog, the #1 locksmith blog on the Internet. The Lock Blog is a great resource to learn about locks, safety, and security. They offer tips, advice and how-to’s for consumers, homeowners, locksmiths, and security professionals. Ralph has been featured widely throughout the web on sites such as Business Insider, Zillow, Bluetooth, Apartments.com, CIO, and Safewise.