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Business and Management.
The licensed trade still remains one of the last major retail sales business sectors which still operates on high volumes of cash for its daily transactions with customers. Dealing with cash brings a lot of challenges for publicans, in recent times we have witnessed tiger raid gangs, armed hold-ups targeting our industry for easy access to large amounts of cash. On a micro level management teams have to also deal with unscrupulous individuals and staff members who engage in fraudulent activities to target smaller amounts of cash. This article offers publicans best practice procedures and controls which address the challenges involved when dealing with cash handling, counterfeit cash and armed hold-ups in your bar. For the purpose of this article we will define cash as also including cash equivalents which includes (coins, notes and cheques). The first major issue to address is the cash handling roles for your bar, this might seem simplistic but you must decide the following very carefully;
- Ø Which staff members are allowed to endorse cheques and or initiate credit card payments.
- Ø Which staff members are assigned to count the cash, prepare the floats for cash registers
- Ø Which staff members are assigned to draw up the cash sheets, the bank deposit forms and post the figures to the general or pub ledgers.
Murphy, J.: Cash Handling Requires Constant Control. pp. 26-27, Licensing World, Jemma Publications Ltd: Dublin. 2012.