With 2020 right around the corner, we know you’re probably considering new goals for your business. Why not make one of them going cashless? We know you may find this scary. You should consider your clientele, this isn’t for every business. But for some of you, it may be, and here’s why…
1. It boosts checkout efficiency.
Consumers today are busy and don’t want to spend time waiting in line to check out. According to eMarketer, 43 percent of U.S. internet users would rather try scan-and-go than wait in a checkout queue.
Plus, by going cashless, you can even do business on the go. Want to participate in a pop-up shop or local business fair? Instead of being tied down by a register, mobile and digital payments enable you to be where your customers are.
2. It makes accounting easier to manage.
When your business deals with cash, you have to count every penny. With mobile and digital payments, every transaction is automatically tracked and recorded, which means less room for error on your part and less time spent manually tallying and recording transactions. You’ll also save time by not having to run to the bank to get rolls of change or make daily deposits. Furthermore, with real-time data on the cash flow of your business, you’ll be better able to spot opportunities for improvement and make informed business decisions to improve your bottom line even more.
3. It reduces risks.
For obvious reasons, keeping cash on hand increases the risk of theft. Not only do you have to worry about being robbed, you also must worry about your employees taking from the register. Overall, going cashless can increase the safety of your employees while keeping your company assets secure.
Again, going cashless isn’t the right choice for every business, and you do have to consider your customer base. But if your customers are savvy and loyal, they’ll stick around through the cashless revolution. Now that you’re aware of the benefits, you can make an informed decision for your business.
We want to wish you a happy new year, and good luck in the decade to come! If you ever have any accounting needs, please think of us.