Ask the Experts: Cash Counting: 5 Questions with Bob Gibson

Special Advertising Section - Ask the Experts: Cash Counting

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April 15, 2020

Cannabis businesses handle a lot of cash. It’s a fact of the times that this industry is so cash-heavy, and until that changes, cannabis companies need cash-handling solutions that are fast, accurate and reliable. Bob Gibson, vice president of branch operations at Cummins Allison, discusses why a quality, commercial-grade currency counter, like the JetScan iFX series, is so important.

1. How can commercial-grade currency counters help cannabis businesses?

Cannabis businesses handle significantly more cash than other businesses the same size, and this can be an immense pain point. Many cannabis locations started small and counted cash by hand. Now, this is impractical. Commercial-grade money counters help cannabis businesses process large volumes of cash faster and more easily than cheaper machines. Scan for counterfeits at the point of sale and save significant time in the cash office every single day. Cash is the center of your business, so don’t go cheap on such a critical tool.

2. Who uses commercial money counters?

Banks and credit unions are the biggest users of desktop commercial money counters. They go through a lot of cash every day and must balance to the single dollar, so they demand accuracy and reliability. If banks are confident in quality currency counters, you can be too.

3. Why get a commercial-grade money counter rather than something from a retail source?

Businesses go with commercial-grade products for a reason: they’re better. The high demand of business is greater than the capabilities of disposable, retail products. Money counters are no exception. Businesses, especially high-volume cash businesses, need equipment that is built for the task. Faster speeds, greater reliability, better accuracy.

4. Can quality money counters help with tax audits?

Nothing can replace due diligence and honest recordkeeping, and reliable and accurate money counters can help get you there. Counting significant amounts of cash with a quality money counter generates machine-produced records, something auditors want to see. Cannabis businesses also want tools that help them be seen as legitimate, buttoned-up businesses, and currency counters are an important start.

5. Can good currency counters help increase security and reduce shrinkage?

Yes. Any time you can reduce the time spent handling cash, it helps increase security. And having owners and managers count the cash reduces shrinkage. This is all accomplished only when you have a commercial-grade money counter that’s fast and accurate and allows owners and managers spend as little time possible dealing with cash.

Take the next step in getting the right tool for your cash-heavy cannabis business. Visit Cumminsallison.com/AskTheExpert to see how JetScan iFX series money counters can help you process large volumes of cash quickly and accurately and produce solid records.