Shortages in cash can negatively affect your profit, and it is one of the more important small business mistakes to avoid. Change shortages in terms of cents or dollars will mean that you cannot make sales by the simple fact that you cannot give your customers the correct change. In addition to setting up an appropriate float you can also look to implement the following:
Make sure to assign appropriate accountability: As a business, you will need to hold the cashier accountable for errors. You will need to put in mechanisms such as sign-ins for cashiers to find out which employees are losing money, how often, and by how much.
Beef up security: If you suspect an employee of being dishonest or stealing, install cameras so that you can review transactions and the employee’s actions. This not only helps in finding out who the culprits are but also can be an incentive, to be honest.
Offer training: Through continuous training, you can help your cashiers avoid making mistakes. Training can also help to empower cashiers when issues arise. Equally important cashiers might make honest mistakes and by putting in clear policies and guidelines in regards to money management in your business you beef up your accountability and process management.