Cash Management Accounting The Modern Way to Count Money


Coin counter and sorter machines

As fun as it may sound, counting money is actually quite dull. The work is monotonous as well as quite tiring. Anyone who has had to count large amounts of bills and coins can attest to the fact that counting money — especially someone else’s money — is not only dull but also quite stressful. It is for this reason why having a cash management accounting system in place for your business makes everyone’s lives a bit easier.

Before 1980, money for the most part had to be counted by hand. Not only was this very time-consuming, it was also prone to human error with dramatic ramifications. Ever since the first fully electronic currency counter machines were introduced in 1980, however, the nature of sorting bills and coins changed forever. Currency no longer has to be sorted individually. It no longer had to be organized into neat stacks by other people, nor was it prone to error. If anything, coin sorters and cash management systems made counting money much faster than ever before, leaving businessmen and women more time and resources to devote to other projects and goals.

Another breakthrough with cash managements accounting systems is their ability to root out counterfeit currency. Counterfeiting has been a problem ever since money came into existence. In the 19th century, organizations like the United States Secret Service were created for the exact purpose of investigating counterfeiting operations. Although it is still a problem today, modern counting machines have been able to quickly identify false banknotes and coins, making law enforcement’s job much easier and giving banks and businesses peace of mind.

Whether you run a small business or own a large corporation, cash management accounting systems are well worth the initial investment.

What do you think about cash counting machines? Feel free to leave a comment or question at the bottom. Get more info here.

Leave a Reply