The Cash Control Process: How Beneficial is it?

Cash control procedures and their importance, 5 stacked rows of coins

 

Cash Control Process

 

Cash Control Process used in Sonas: The Sonas System is a unique cloud-based reconciliation software solution tailored to self-service terminals. 

As a system, Sonas facilitates the complete reconciliation and exception management process by seamlessly providing data reconciliation for both cash and transactional information, identifying exceptions, and managing inconsistencies through to resolution, all on a single platform

With data shown in real-time, Sonas Systems Cash Control process utilises systems checks and balances to control our system’s cash movements. Built-in cash controls make it easier to identify problems such as duplicate data and incorrect cash totals.  

 

Some examples of these cash control processes are:

 

Manual Exception Generation 

The user can manually generate exceptions from the software’s cash reconciliation module after accurately identifying an Exception. This method is just one of the potential options for Exception Generation. However, a potential downside to reliance on this manual method is that human error becomes a factor. Manual generation also sheds light on the benefits of our other Exception generating cash controls like ‘Time Threshold’ and ‘subsequent entry.’

It is worth mentioning, however, that the system still records minor overages/shortages whether or not an exception reference number materialises.

 

Time Threshold Generation 

This method uses the Time Threshold process assigned to each machine during its creation. If an Exception exists in the system, after the amount of time specified in the Time Threshold, the Exception Ref. No. will be automatically generated.

So, this method automatically generates Exceptions if this machine has an Exception that exists for more than the set number. 

 

Subsequent Entry Generation 

This method applies when an Exception appears in the Reconciliation process, and subsequent cash cycle data for the same machine is input. The system will automatically generate an Exception Ref. No. This option benefits the user by providing another layer of protection in identifying Exceptions. Subsequently, stopping any discrepancies from falling through the cracks.   

 

No Duplication 

This cash control process is helpful because uploaded files must be validated upon entry, thus avoiding unnecessary duplicates of input data. This method eliminates the potential human error that could occur in a manual check for duplications. 

 

Invalid Entry Pop-Ups 

Another user-friendly process is the invalid entry pop-ups that appear when the user attempts to carry out an action the system does not recognise as valid. A red pop-up will appear in the top right corner of the screen, explaining what the user has done wrong.

 

Automatic Exception Identification 

After the user has completed entering the cash cycle data in the data capturing module. The reconciliation module will automatically show any identified exceptions, immediately visible to the user.

 

Record of All Changes by Individual Personnel 

Specific modules such as claims management allow for a holistic view of all changes made by any users in the system. This system can be advantageous as anyone approving certain cases will be marked down in the system as having done so. Seeing who changed what and when allows for a much more comprehensive view of the system and control of its processes.

 

Grace Period 

This system feature allows for a grace period between dates when matching files using our reconciliation engine. If two files match up perfectly, but the dates are slightly off due to transaction time differences, the files are still compatible. Ultimately, the Grace Period can account for any variances in the Date & Times present in each file.

 

Allocation of Individual Deposits for Amalgamation 

Our system’s Cash Deposit section records the bulk cash totals from the replenishment cycle. Then put into groupings such as date and location. The system allows the user the allocate individual deposits for amalgamation. Assigning different deposits to the bulk cash intake allows a greater level of clarity in the whole replenishment process. As long as the numbers align, the ‘cash deposited’ and ‘cash banked’ sections are free to amalgamate.

 

Investigate and Manage Exceptions

The Sonas system allows users to identify, investigate and resolve exceptions within the same platform.

 

 

 

Final Thoughts 

Our cash control process has multiple benefits and solves a series of issues currently experienced in manual reconciliation.

Issues currently affecting the workplace can range from increased volumes of paperwork, reduced operational timeframes due to duplication of work, and delays in exception identification. A lack of transparency and issues with inaccurate data can result in decreased productivity from lengthy processes. 

Our system offers lucrative solutions that can speed up processes massively while reducing costs and common human error.