A White Paper from Evention, LLC and Tidel Inc.
Cash management in hotels is a universal challenge, and the opportunities for improvement are vast. In a typical upscale or luxury hotel, at any one time cash is spread throughout the property. It can be found in employee tills, cashier bank vaults, a general cashier house bank, or in transit to or from the bank. In addition, many hotels also find themselves “owing” money back to cashiers for tips, petty cash or duebacks. With notes and coins constantly flowing among multiple employees and guests, proper management and oversight of the hotel’s cash is vital. Without proper controls, it can be extremely challenging to ensure that employees are held accountable or to have clear visibility where all cash resides. This predicament can be substantial, and few hotels manage it well.
Is recycling right for your hotel?
Cash recycling systems are relatively new to the hospitality industry. Despite just having been introduced, cash recycling is already transforming the ways that hotels manage their currency. To decide if cash recycling makes sense for your hotel, it is important to fully analyze your hotel’s current cash operations, access how a cash recycling system can automate these operations, and derive a quantifiable ROI in order to determine if investing in a cash recycling system makes sense for your property. If the predicted savings equate to, or exceed, your current operational costs, the added benefits of eliminating bank vaults, bank audits, counting cash, paying duebacks and preparing deposits can more than justify the investment in a cash recycling system.