How Cash Automation Streamlines Cannabis Cash Management on 420 and Beyond
If you’re a cannabis business owner, you’ve probably been preparing for today, April 20, also known as 420. This is the day cannabis aficionados throughout the country gather together to use and celebrate marijuana. Retailers typically see a sharp increase in sales during this time, making 420 the biggest day of the year for most cannabis retailers and dispensaries.
In fact, analysts predict that cannabis users will spend almost $130 million on legal cannabis on this day.
Are you ready for the avalanche of cash that will hit your cannabis business on 420 from sales of your products? Will you have enough budtenders to help with counting and recounting cash?
The Benefits of Cash Automation
As a cannabis business owner, 420 is not the only day that cash management presents a challenge. The truth is, cash management in the cannabis industry is an everyday challenge. You probably devote extensive time and energy trying to manage and secure the cash in your business. Plus, with the current labor shortage, you may have fewer workers to help with this task.
As more states legalize cannabis and the number of users continues to grow, forward-thinking cannabis retailers are looking to automate cash management.
Cash automation is a software and hardware integrated solution that streamlines cash management. Cash recyclers are vaulted devices that are driven by cash automation software. The cash automation software works with a cash recycler to bring greater accuracy, security, accountability and control to your retail cash environment. The software controls the cash recycler and optimizes its ability to count, validate, secure and dispense cash according to security settings and management commands.
Cash automation makes cash transactions manageable because it eliminates the need to count cash multiple times throughout the day. As a result, it helps cut down on costs, labor, and time needed for cash transactions.
What to Look for in a Cash Automation Software
Finding the right cash automation software is just as important as finding the right recycler. However, most retailers don’t know what to look for. Here are a few pointers to help you identify the best cash automation software for your business:
1. Easy-to-Use Software – Seek out software with an intuitive, user-friendly dashboard that is accessible from mobile devices. It should integrate with your accounting software and allow you to view transactions in various locations. Easy access to the company's cash balance is exceptionally helpful and becomes a gateway into determining cash needs.
2. Visibility – Preventing cash shrinkage and ensuring process compliance are things every cannabis business owner should be concerned about. To address these issues in your business, you need quick and easy visibility into cash flow across all locations. You also need transaction history for specific vendors as well as on an aggregate “big picture" level. With a solution that lets you run reports for auditing purposes and create custom queries for your specific needs, you’ll be able to pinpoint cash handling and shrinkage issues..
3. Security and Compliance – It’s not always a viable option to keep an abundance of cash onsite or being able to take time away from your retail location to deposit cash in your the bank. Efficiently counting cash, quickly balancing it to your POS cash receipt totals and securing it in a high-speed recycler must be a priority for cash-heavy cannabis businesses. Cash automation frees up your resources to provide the time needed to track inventory, down to the lot and unit level, to avoid a long list of compliance issues in seed to sale tracking.
When it comes to retail back-office cash automation and how to best navigate cash management with increased sales volume typically seen on 4/20, many dispensaries can operate more efficiently by automating their cash flow, freeing owners and employees to focus on operating efficiencies and inventory.
Efficient Transactions. Total Control.
With Avivatech, there’s a better way to deal with cannabis cash in your business. XpressCash, our retail cash automation solution, brings the efficiency, speed and control you need to effectively manage your cash every day.
Download our infographic to learn more.