3 Reasons Why Your Small Business Should Go Cashless
When was the last time you pulled out your wallet and paid for something with cash? Thanks to developments in electronic payments, such as paying via a digital wallet and innovations to online and mobile banking, consumers are carrying cash less and less. Soon, the term “cash” will be discussed in the same category as floppy-discs, flip phones and dial-up internet. It’s time to step into the digital age!
Businesses are eliminating cash registers and coin rolls in pursuit of what is a safer, more streamlined payment process—and one that most customers prefer to use anyway. Taking your small business cashless not only helps your business processes run smoother and your job easier as an owner, but it can also provide an overall better experience for your customers.
1. There is a lower risk of theft.
It’s no secret that money in the bank is safer than “under the mattress.” There are very real security risks associated with having large quantities of cash onsite as robberies are still a common crime all over the world. According to Statista, Washington D.C. topped the 2017 charts with 378 robberies per every 100,000 people, followed by Maryland (185.1) and New Mexico (178.3). However, when you no longer keep cash on-hand, the risk goes down – helping keep your business and your employees safe
2. You’ll see efficiency gains.
The adage “time is money” rings true. Digital systems may be cheaper for businesses in the sense they are well-developed and fairly friction less, so it takes much less time to process a payment. For businesses that sell to consumers, this will help cut wait times and likely increase in the number of transactions a volume-based business can process in a day. On the other hand, you’ll have fewer manual daily, monthly, weekly and yearly processes. There’s no physical counting, calculating, balancing or recording of your books every night, and no need to run to the bank branch every day with your deposits or checks. This equates to fewer mistakes and more time to focus on what really matters for your business.
3. It’ll make tax season a breeze.
No more digging out a shoe box of receipts. With innovations to online banking, you’ll be able to create a budget, track your expenses and see what’s in your account in real time. It also automates your tax process thanks to digital tracking systems making it easier to capture, tabulate and categorize your yearly information so you can pull it quickly come tax time. Before making the switch, make sure to not only separate your personal account from your business account, but find the right small business account that can support your innovations and grow with you.