Keeping track of your cash during March Madness

With March Madness comes a madness of sports fans racking up sizeable tabs at their go-to restaurants and bars, cheering on their favorite teams and anxiously waiting for the next game's drama to unfold. Whether customers are meeting their friends for a fun afternoon or evening out or they're placing an order for take-out for their at-home festivities, food establishments can expect to see an uptick in business during March Madness.

Every establishment can and should take advantage of the increase in activity that events like tournaments and championship games bring, however there are many additional considerations outside of ensuring you're staffed properly and your customers are happy. For example, with more business comes increased cash, especially with higher interest rates motivating some consumers to use more cash versus credit cards. Whether you own and operate a large establishment or a small one, there is always an increased chance of risks for cash management when dealing with more cash. With margins crunched during a tough economic environment, it's even more important for businesses to reduce cash loss. Here are a few key considerations to make end-to-end cash management more seamless for you and your team as you prepare for the tournament or any increase of customers paying with cash:

From customer to business

The food-service industry runs a high risk of cash management threats including cash shrinkage, inefficient cash handling and losses on the amount of time employees are being paid to handle cash. The first step to mitigating these risks is to identify the amount of time you and your staff spend managing cash – directly and indirectly. Once that amount of time is calculated, you can determine the labor costs to support cash handling efforts alone. Soft and hard costs can add up and can typically justify implementing a cash logistics solution like a cash recycler or smart safe. Safes help mitigate risk by enabling businesses to deposit money directly into a secure safe that automatically calculates the amount of money deposited, removing human time and error from the equation. The money deposited is then available in the business' bank account the next day, without having to visit a bank in person.

From business to bank

Typically, business owners or one of their trusted employees is responsible for physically closing out registers and transporting cash from the business to a local bank branch. While this method has worked for many businesses for years, it is not only inefficient but also extremely risky with common threats like theft or loss. A full-service partner can safely handle transport, without cash loss or risk of harm to you or your employees, while ensuring you have the appropriate amount of cash on hand based on current activity and trends, like the big game.

From bank to business goals

An influx of customers and cash means you can meet your business goals and potentially even grow. However, with more customers and more cash, you are also likely to experience a higher volume of reconcilement challenges, that can often mess up your business reporting and predictions. Leveraging cash automation technology with reporting and reconcilement features can provide critical business intelligence, especially when managing and monitoring cash flow across several locations. This frees up more time for your employees to be assisting customers and minimizes the opportunity for error across the board.

As establishments continue to work against a tough economic environment, big tournaments and game days can be an exciting time for restaurants and bars as they look to strengthen their financial foundations. Exploring the option of a third-party organization that can manage these cash-heavy days — everything from in-store cash management to up-to-date cash flow — allows you to not only save time, but it ensures your cash is safe, secure and available and that your attention is where it should be, on your customers. Now is an optimal time to rethink your cash logistics solutions and consider whether an all-in-one partner could help you better compete in the market or if there are à la carte options that could solve the individual challenges you're facing.