Cash Management
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The document discusses restaurant cash management, including controlling revenue, collecting payment from customers accurately, safeguarding funds in a secure location until deposit, and addressing threats from dishonest customers and internal employees. It provides details on properly charging customers, collecting funds, safeguarding cash in a safe, making bank deposits, and deterring threats like walkers and counterfeit money. The overall goal is to establish effective cash management procedures and controls to protect a restaurant's revenue.
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Protect your restaurants data from cyber threats with simple security tips. Use strong Protect your restaurants data from cyber threats with these easy tips:
Use strong, unique passwords for all accounts and change them regularly.
Keep your software and systems updated to prevent vulnerabilities.
Limit access to sensitive data only authorized staff should have permission.
Train employees about phishing scams and safe online practices.
Regularly back up your data to protect against data loss.
Use firewalls and antivirus software to block malicious attacks.
Monitor your systems for unusual or suspicious activity.
Encrypt sensitive data to keep it safe from hackers.
Secure your Wi-Fi network with strong passwords.
Stay informed about the latest security threats to protect your business.
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This document provides tips and safety procedures for cash handling during a shift as a cashier or retail worker. It outlines how to properly count and organize cash at the start of a shift, how to handle cash transactions with customers by putting bills in the correct spots and separating tips, and procedures for counting the drawer and securing cash and tips at the end of the shift. It also describes how to identify and handle potential counterfeit bills by noting characteristics and contacting authorities.BA350 Katz esb 6e_chap013_ppt
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Cash Management
- 1. Restaurant Cash Management By: Aftab Umrani
- 2. Restaurant Cash Management o Controlling the revenue that comes into your restaurant/Hotel o The basics of controlling your cash begins by knowing the correct amount the customer owes, collecting the correct amount of money, and securing these funds until they are deposited.
- 3. Restaurant Cash Management o The threats against your revenue collection can come from dishonest customers. o That is why it is important that your employees know the procedures for collecting funds, and watching out for potential issues. o But be aware that customers are not your only the threat against your cash.
- 4. Restaurant Cash Management o Internal employees also pose a greater threat. o Employees can work individually or as a group, and it is your job to spot potential threats and to put in controls to deter these kinds of actions.
- 5. Components of Cash Management System 1. Charging the Customer 2.Collecting the Funds 3.Safeguarding the Funds 4.Handle the threats to Cash Management
- 6. Charging the Customer To ensure there is no confusion by the guest to what is charged and owed follow these standards: o Menus clearly state the correct prices, and guests are informed of any additional item prices prior to placing their order. o Numbered guests checks are printed legibly. Preferably by machine. One copy is given to the guest, and at least one copy retained by the restaurant.
- 7. Charging the Customer o Menu items and number of menu items are clearly stated on the check. o Guest checks clearly state whether tips or service charges have been included in the total. o Check presented to guest prior to accepting payment. o Give guest enough time to review the check prior to payment. o Any unresolved disputes are addressed by management
- 8. Collecting the Funds There are three goals of colleting funds: o Identify the trained employee to collect the money. o Collect the correct amount of money. o Properly record the transaction.
- 9. Safeguard the Funds Once you have collected the correct amount of money. It has to be kept in a secure place until it is deposited in your bank. o Keep money in an actual safe with a combination lock that have access by minimum people. o Verify the amount of money in the safe. Identifying the total amount of revenue received from the servers and cashiers.
- 10. Safeguard the Funds Protect your deposits oMake daily bank deposits as often as possible oEstablish written policies for completing bank deposits and reconciliations. oReview and reconcile all bank deposit and check statements received from the bank.
- 11. Threats to Cash Management 1. Dishonest Customers E.g. Walker - This is a customer that orders food but leaves before paying. Deter the walker by: o Presenting the check promptly upon serving the customer their last ordered item. o In bars, collect for drinks as delivered, and require a credit/debit card for an open tab. o Encourage servers to monitor the checks that have been delivered to their customers.
- 12. Threats to Cash Management The Dishonest Customer oIf cashiers are used, place cashier stations centrally to ensure maximum visibility of dining areas. oMonitor remote exits that could allow guests to easily leave. oSchedule appropriately for the number of people in the restaurant. oReport a walker to management immediately.
- 13. Threats to Cash Management 2. Counterfeit Money o The public has a role in maintaining the integrity of our currency. You can help guard against the threat from counterfeiters by becoming more familiar with Pakistani currency. o Look at the money you receive. Compare a suspect note with a genuine note of the same denomination and series, paying attention to the quality of printing and paper characteristics. Look for differences, not similarities.
- 14. Threats to Cash Management