Earlier this year, we made the decision to become a fully cashless business. In short, the transition has been a success – it’s made us more efficient and more secure.
Thinking of taking the plunge, here are the benefits we’ve enjoyed since going cashless.
A lot of admin resource is needed to reconcile a box of petty cash to receipts and this process is prone to errors. It’s hard to keep track of cash in real time particularly when dealing with multiple team members in multiple currencies. Plus, even the smallest payments at the newsagent can be paid for by card – so there’s really no need for cash.
Put simply, by eliminating cash, we save time. Time that can be spent on more important business processes.
Championing fintech is what we do
We’re passionate about working with exciting fintech companies that are streamlining the world of payments and managing expenses. We use Soldo, which means that everyone who needs to spend money on the business has a pre-paid card that they can use. As a result, we don’t have to worry about dealing with petty cash for things like team coffees or office snacks. Instead, the team can go and get what we need, when they need it – and it’s easy to track who spent what and when.
Putting everything on a card means we know exactly where money is being spent. Not only can we manage expenses more effectively, but our team feels more empowered. What’s more, we can easily create a budget, track expenses and see what’s in our account in real time.
Going cashless means we have better security measures in place
According to Paymentsense, nearly a third (31%) of business owners admit to feeling safer using new payment technology. Keeping large amounts of petty cash on the premise makes you more of a target, so there’s a greater level of security and protection using card payments.
Your bank should have tight security measures to ensure that your money is protected. And on the off chance that your account is hacked or compromised, your bank should reimburse you for lost funds. The same can’t be said if someone loses cash (or has it stolen).
At TopLine, we’re all about systems and processes that make our working lives that little bit easier. Going cashless has definitely done that for us.