Managing Vast Cash Transactions at High-Volume Restaurants: The Case of McDonald's
At a glance, managing vast cash transactions in a high-volume restaurant like McDonald's may sound like a daunting task. From the moment customers walk in and order their meals, to paying with cash, to counting the money at the end of the day, there are several steps involved. In this article, we'll explore how McDonald's handles cash transactions and some of the measures in place to ensure smooth operations.
Swapping Out Cash Registers Regularly
One critical aspect of cash management at McDonald's is the frequent swapping out of cash registers. As customers pay, each register will handle a variety of cash transactions. To ensure accurate and secure cash management, McDonald's employs a system where cash registers are swapped out every hour. This allows the ON DUTY Manager to count the money and compare it with the electronic tally for that register.
Counting and Bundling Cash
During the count, the Manager will sort the cash into bundles of 25, along with smaller bundles of 5s, 10s, and 20s. This not only ensures easy counting but also makes it easier to count the money accurately. After the count, the register is reset when a new cash drawer is inserted, preparing the next shift for cash handling.
Back Office Coin Rolling and Tallying
In the back office, the coins and smaller notes are rolled, and the amounts are tallied hourly for each register. This ongoing process helps maintain an accurate record of cash transactions, ensuring that the final bank deposit reflects the correct amount.
Bank Deposit Management
Before a daily bank deposit can be made, the manager needs to decide how much of the collected cash to keep on hand. This is crucial for ensuring that cashiers always have the necessary change to make transactions easier for customers. If a manager encounters a situation where they cannot provide change for a customer, it can be frustrating for both the cashier and the customer. Therefore, a balance must be struck between having enough cash on hand and minimizing the amount of cash retained.
Modern Cash Handling Techniques
With the rise in mobile payments, many customers are now ordering ahead and paying via their smartphones or debit/credit cards, leading to a significant drop in daily cash handling. However, when cash does come in, it still needs to be managed efficiently. This is where modern cash-handling tools come into play.
Automatic Change Dispensers
Modern cash registers are equipped with automatic change dispensers. For example, if a customer buys a large sweet tea for $1.06 in Maryland and pays with a $20 bill, the system will automatically calculate and dispense the correct change. This not only saves time but also reduces the risk of errors.
Safe Management Systems
Managing cash securely is a critical aspect of operations. Some safes are time-locked, meaning they can only be opened at certain times during the day. Others are dial-locked, requiring a specific combination to open. For even more secure access, some safes use smart-card/smart-key systems, which require a key, a PIN, and an account to open.
Automated Deposit Procedures
Modern restaurants also use automated deposit procedures. While some stores handle deposits themselves, the majority rely on armored-car services that come once per day. These services collect all the deposits from the restaurant and take them to the bank, streamlining the process and reducing the risk of errors.
Thwarting Theft and Fraud
When it comes to theft and fraud, McDonald's employs several measures to ensure security. First, counterfeit bills are very easy to detect, and proper training is in place to identify them. For employee theft, the cash register has a record of the amount it should have. If the cash is short by an amount deemed acceptable, cameras can be used to determine if theft occurred. If confirmed, the employee will be terminated.
Conclusion
Managing vast cash transactions at high-volume restaurants like McDonald's is a complex process that involves regular cash register exchanges, accurate counting and sorting, modern cash-handling tools, and secure deposit procedures. By implementing these measures, McDonald's ensures smooth operations and effective cash management. As payment methods continue to evolve, it's crucial for restaurants to stay adaptable and adopt new technologies to handle cash transactions efficiently.