7 Pain Points of Cash Management in Clubs
Out of pain comes opportunity. In the Club Industry – also true for Pubs, there had to be a better way to manage floats and cash. While large venues have solutions, albeit expensive, small to medium size venues rely on outdated technology.
Within the Hospitality Industry the majority of revenue is cash based. Although cashless is making inroads at sale points, cash will remain king at gaming venues. Cashless data has to be incorporated with cash data. While larger and smaller venues have different operating conditions they experience the same issues on a different scale.
7 Pain Points you did (or didn’t) know you had.
In this blog we will look at the pain points of cash management and how SafeBUDDY was developed to overcome these issues.
1 Management and recording of floats
The management of floats is exasperated when Float Increase or Decreases are required occur and at closing times in busy venues with multiple floats.
2 Control and investigation of staff variances
This is a key Pain Point as on many occasions there appears to be no reason or pattern identified and narrowing it down becomes a chore.
3 The Time Taken To Balance Safes
Due to the time taken, Safe Balances are typically only done on a regular basis – Start of Shift and End of Shift. More frequent Safe Balances will assist in control and investigation of Staff Variances
4 Analysing The Performance Of Different Cost Centres
Performance Graphs give an indication of the venues trading performance. These are often obtained from multiple software providers and presented individually or have to be reformatted using spreadsheet. Due to time taken often they are not utilised or are simple graphs or tables only.
5 Finding Errors Which Contribute To Staff Variances And Banking Errors
This is also a key Pain Point as it can be a time consuming and unsatisfying process for support/accounting staff
6 Reconciliation Of Banking To Original Sources
Reconciling the banking to the original sources, i.e. till rolls, Keno reports the first step towards fraud prevention.When the incorrect amount is recorded to banking the accountant or auditor must determine when and where the error occurred.If the error is material enough it will impact on KPI for the cost centre as well as showing a variance. Even small amounts can add up to a significant amount over time.
7 Record Management
Record management should be an easy process. However searching records – even from the previous month can be a time consuming process. Some venues leave banking errors hoping they will eventually fix themselves up for this reason.
The home screen of SafeBUDDY
The Current Solutions
Currently there are a number of varying methods used to manage cash in clubs ranging from low technical solutions to high technical solutions. The arrangements would be similar with other hospitality venues.
- Paper based forms with calculations manually performed by calculator.
- Spreadsheets designed in house with automatic calculations but limited record management requiring users to save copies to avoid over writing data.
- Point of Sale Back of House Software utilising Cash management Features
- Purpose Software Integrated with Gaming Systems
- Purpose Built standalone Software
- Expensive cash dispensing stations.
A comparison table is shown to the right and compared to SafeBUDDY, a new solution to the market,
“When we first install SafeBUDDY into a venue, invariably the comment is ‘Wow’!”
SafeBUDDY’s Status gives a complete snapshot of the safe including every float – issued or not, as well as cash, takings and vouchers.
SafeBUDDY is a new offering from The Decisive Group. It is a full featured software application designed from the operator up to address the pain points.
The benefits of SafeBUDDY include direct labour savings which can be translated into Cost savings. The full list of benefits include:
- Labour Hour Savings
- Cost Savings
- Reduced potential for Fraud
- Higher Quality of Work
- Ability for some tasks to be performed by lower qualified Staff
- Greater Business Intelligence
Analysis of Cost Benefits with SafeBUDDY
A Cost benefit analysis shows significant labour savings and are typical what could be expected for a medium sized club 60 to 100 EGM going from a Paper Based Manual System to SafeBUDDY. Labour savings are based on observation and from experience. Note that results will fluctuate from time to time.
The savings when equated to a dollar value of $28,000 per annum is significant particularly when considering the relatively small investment. When compared with other existing technologies the savings would be would still be substantial and offer payback in the first year.
Reduced potential for fraud
With SafeBUDDY all variances are recorded and as a result also the accuracy of transactions made.
On a monthly (or weekly) basis SafeBUDDY’s extensive Variance Analysis module identifies patterns that can be narrowed to staff, days and shifts with a unique Graphical Output of the results.
Higher quality of work
Now with SafeBUDDY there is greater confidence as the activity log enables back checking of data. Errors can be easily corrected – even banking errors, days later.
Ability for tasks to be performed by lower qualified staff
Due to the automation items such as performance graphs, Variance reports, Banking Export and Banking Reconciliation can now be performed by staff in subordinate roles. This also alleviates aspects of some clubs using contractors for these duties.
The extensive details in the KPI PERFORMANCE GRAPHS offer detail into the venues trading by day of the month, by day of the week compared to previous trading periods. The graphs offer insight into
- Roster Demands
- Gaming Net ratios
- Trading trends
The underbank/overbank feature is unique to SafeBUDDY and is a major improvement over paper based vouchers/recording.
Reporting can now be done and stored as PDF as well as hardcopy. In EOY audit this creates a major benefit as reports can be accessed in minutes instead of searching through achieve boxes. They also can be supplied electronically in a pre-audit period.
Why do people love SafeBUDDY?
In this three part series we look at how different staff members use SafeBUDDY
SafeBUDDY has been configured for use in varying size venues. The 400,000 lines of activity data transaction is sufficient for most venues to maintain two years of records. The banking records are not limited.
This structure is setup as a matrix style of data base. The capacity is as follows:
- 19 Floats (Sufficient for most venues, the number of floats will be increased.)
- 22 Banking Types (includes Gaming, Payouts and EGM tickets)
- 12 Voucher Types
Venues configure SafeBUDDY to suit their venue.
As SafeBUDDY was designed from an operator’s point of view SafeBUDDY is intuitive to use. An operator could expect to be proficient in the basics in less than 1 hours. Ongoing training is offered through free video training channel. Intial onsite training is available for 2 hours.
Depending on the level of support required support consists of a Support Desk and phone support and remote dial in. Once the operators are familiar support is very rarely required after two months. The support mechanisms ensures that downtime is a rare.
SafeBUDDY can be run on any computer that has excel 2013 and up installed. An an 80mm generic thermal printer is required and can be supplied at low cost. The recomended mininum specification is a i5 processor with 256GB SSD and 8GB of ram. Internet connectivity is required for the licence to be activated.
The Decisive Group is a new company to the club industry. Its flagship product, SafeBUDDY, addresses Pain Points of Cash Management in the Club Industry. Many Clubs still rely on paper based or spreadsheet forms for their cash management. SafeBUDDY is a major evolution and an investment in SafeBUDDY will return labour savings with better quality of work and reduced potential for Fraud. Using SafeBUDDY will enable advanced tasks to be performed by Staff with greater Business Intelligence.
Implementation costs are low and the benefits offer a pay back period less than 12 months. Despite its relatively low price point, SafeBUDDY is a powerful application that goes past Cash and Float Management.The SafeBUDDY suite reduces workload on senior and account staff and the KPI Graphs act as an easy to use and easy to understand Business Intelligence tool.
The benefits extend from Floor Staff to Middle Managers and Senior Managers including the Board of Directors. SafeBUDDY achieves the goal of making everyone’s job easier and offers significant savings to the Venue.
For more information Contact sales@TheDecisiveGroup.com.au
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The Decisive Group Pty Ltd
The Decisive Group was created in 2013 to launch and market products and services to the Club and hospitality Industry. We are innovative, yet flexible. We are like minded individuals focused on getting the job done. We look for opportunity from problems. We are Managers, Programmers and Marketers. We have worked in customer service orientated organisations and we recognise that we are only as good as our last interaction with you, our client. Our clients are our partners in our journey.
Our flagship product is SafeBUDDY.
The Decisive Group Pty Ltd
ABN 24 166 064 464
Suite 1A Level 2
802 Pacific Highway
GORDON NSW 2072