8 Powerful Tips for Reconciling Dollar Store Sales by Bob Hamilton
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So you own a dollar store and you��ve finished another successful day. Or is it? What appeared to be a day filled with sales and the anticipation of dollar store profits can coming crashing down as you sit at your desk examining the cash sitting before you. You discover major discrepancies between what the cash register says you sold and the amount of money sitting in front of you. There seemed to be people in your store all day �C and they were buying merchandise. You thought it was a good day �C until now. It is at this moment that you realize the importance of developing processes and procedures around the control of money in your business. You need to have very specific procedures for everything that occurs from before your store opens until money is actually deposited into the bank. One area of concern is handling of money from the time the store closes until it is deposited into the bank. In this article I present 8 powerful tips for reconciling your sales.
Tip #1) Minimize the time money sits before being reconciled. When you own a dollar store it is important to reconcile all dollar store sales as quickly as possible after closing for the day. That doesn��t mean it must be done that night. However,
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Tip #2) Keep money in a locked safe at all times. Leaving money lying around is an invitation to employees and others to steal. It is unfortunate, but there will be someone who simply cannot pass up the temptation �C and there go your dollar store profits.
Tip #3) Conduct reconciling in a locked room. When you own a dollar store there will be constant interruptions throughout your day. If you are the one reconciling sales, don��t allow those interruptions to create a perfect theft moment. Always deal with money in a locked room. If you are called away, move the money back to a locked safe before leaving.
Tip #4) Have good security camera coverage anytime money is being handled. This is especially important when others are responsible for reconciling the previous day��s dollar store sales. If there is a big discrepancy the video will aid you in eliminating the money reconcilers as being involved.
Tip #5) Establish a schedule and stick to it. While thieves love scheduled money handling,
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Tip #6) Only you or a trusted party should handle reconciliation. Unfortunately this is a time to trust yourself, your spouse, and your children only. Establish strong controls when anyone else is handling your money. Every dollar store sale comes with lots of hard work. Making dollar store profits isn��t automatic. Control the access and handling of your hard earned cash at all times.
Tip #7) Use a buddy system. One of the controls to use is a buddy system. While two people can work together to steal, the chances are reduced somewhat by always requiring two designated people be present for all cash handling and reconciliation.
Tip #8) Double check your work. Don��t leave anything to chance - these are your dollar store profits we are talking about. If there is an error discovered, have someone else double check your counting. Make sure it isn��t a math or counting error before ever doubting any of your employees.
Creating a dollar store sale is difficult. Making dollar store profits is even harder. If you own a dollar store be sure you implement a solid process for money control. Follow those processes at all times and you will be able to gain some of the control you need over your business.
To your success when you own a dollar store!
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