Finance

Benefits of a Better Cash Management System

Cash Management is a key component when it comes to creating and maintaining a company’s financial stability. Cash, being a primary asset needs to be managed optimally for maximising earnings and maintaining cash balance while earning a return on idle cash.

 

The following are the benefits of implementing an efficient cash management system-

 

1.Reduced risk

 

A heavy loss of cash or theft from either inside or outside the operation can devastate a business. Thus implementation of a cash management system becomes necessary. Through smart safes and automation, cash management systems reduce the risk of loss and theft by eliminating touchpoints in a business’s cash handling processes. Cash in transit service makes sure that the right amount of cash is available in the safe to avoid any crippling shortages or the risk of theft.

 

2.Streamlined process

 

When cash is managed through automated systems, it leads to a reduction of touchpoints which not only reduces the risk of theft but also increases operational efficiency. As employees will not have to invest time in learning the complicated and often outdated cash handling processes. This will help in reducing manual labour and utilise time for tasks that are vital and more profitable.

 

3.Customised Solutions for specific operations

 

The one thing for certain is that no two business operations will have the same cash management requirements. And thus a very important factor is to meet the specific needs of your business. Whether it is a local chain or a regional operation or even national cooperation, effective handling of cash is only possible with a tailor-made cash-in-transit schedule, right smart safe configuration and quick access to the information reported.

 

 

4.Faster access to cash and data

 

Technological upgradation and automation have uplifted the cash management systems and processes. The smart safes and real-time access to reporting data and account information through online portals ensure transparent, secured and faster cash flow. This visibility and data availability allows businesses to more effectively manage and scale their operations.

 

  1. Eliminate downtime

 

For a business to reach great heights and achieve success, delays due to cash shortages, human errors or maybe maintenance issues are not affordable. The possibility of downtime can be eliminated through advanced monitoring and diagnostics. The solution to this lies in an advanced cash management system with features like built-in wireless connectivity, remote system monitoring and predictive maintenance. This helps the provider stay on top of possible issues and solve them beforehand, ensuring optimal efficiency of the entire system.

 

AGS Transact Technologies Limited (AGSTTL), one of India’s leading providers of end-to-end cash and digital payment solutions, offers Complete Line Maintenance and “Cash-in-transit” services. The services are focussed on safe transit, transport and management of currency and valuables for retailers, banks and financial institutions. It offers the following services under the Cash Management sector-

  • Cash-in-transit
  • Cash Processing
  • Cash Vault Services
  • Cash Replenishment Services
  • Bullion Management
  • Doorstep Banking

 

By providing safe, customised and timely integrated logistics, AGS continues to lend the best in class cash logistics. Even at the time of the lockdown due to the Coronavirus pandemic, AGS has come forward to establish Mobile ATMs and Cash@POS services that help citizens carry out their necessary transactions. Thus standing firm by its vision,” Enabling omnichannel payment transactions securely and seamlessly, anytime, anywhere”.

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