Restaurants operate with generally low profit margins, which means that uniform and accurate cash management is essential for running the store . Here are a few key areas of concern for restaurants to consider as they manage daily inflows of cash:
Store Manager Time
Restaurant managers spend an exorbitant amount of time managing the store’s cash, both on and off store premises. This takes away from their time needed to hire and train employees (in the QSR industry, turnover rate is well over 100%) engage in customer service, and optimize the performance of the business.
Particularly for small chains or single store owners that operate under extremely low net margins, cash flow becomes critical. Ensuring collected cash is deposited in time for their bank account to be credited is a daily task that cannot be missed. Mistakes can be costly and can be disruptive to their business.
Bank fees can be levied on a restaurant when making a deposit, ordering change, and managing their commercial account. It is not uncommon for a restaurant to make multiple deposits in a day, one per shift. This can multiply the amount of fees charged to the store for their cash business. Reducing such fees will directly benefit the bottom line.