The small business playbook for better cash handling

Cash is the lifeblood of any business. But for small businesses especially, an exacting bird’s-eye view over its cash flow is the fine line between a good or bad business day. 

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The problem is that handling cash comes with many hidden costs for small business owners, including the cost of keeping cash safe (think expensive cash boxes and armored trucks) and manpower hours ensuring every peso adds up. This is a huge burden for businesses in a country that is still as cash-reliant as the Philippines.

Additionally, a report by McKinsey & Company found that nearly one-third of SMEs report turning to providers other than their primary bank for certain complex services—such as smart safes that store and monitor cash—highlighting a gap in how well their main financial institution meets these more advanced needs. 

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For small business owners who have to think about the cost of labor and narrow profit margins, the good news is that there are better ways to handle cash.
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Have clearly defined roles and responsibilities

Clearly defining who is meant to handle a store’s cash hits two birds with one stone. First, it frees up other employees to focus on other valuable tasks. Second, it increases a sense of accountability for the designated cash handler.

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One of the best practices for designating cash handlers is to have two employees in charge of counting cash. This minimizes the margin of error. There should also be an employee in charge of reconciliation, which involves rounding out the store’s cash register after each business day. 

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Finally, businesses should invest in an accountant. These board-certified professionals keep track of a business’s revenue down to the last centavo. 
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Create a formal procedure—and constantly review them

Lay out guidelines for employees after defining who does what. For example, start by assigning each cashier a verified float, counting cash in view of customers, checking large bills for authenticity, and securing excess cash mid-shift. 

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At shift end, cash is reconciled with sales in front of a supervisor, and discrepancies are logged. Daily deposits are made by two staff members, and all transactions are documented. Regular training, limited access, and surprise audits help maintain accuracy and security.
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Adopt new tech

When push comes to shove, there’s no better investment than smart technology for cash handling. Many store owners use a currency counter or a cash recycler to speed up counting, reduce human error, and ensure every transaction is accurate.

Similarly, point-of-sale systems can also be integrated with accounting platforms like QuickBooks or Xero. This reduces manual entry errors and saves time during tax season, on top of real-time visibility into your cash flow.
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There are also now solutions that make it easier to deposit cash, so keeping large amounts in-store doesn’t have to be a risk. One example is ePuhunan by eTap Solutions, a B2B service that lets small businesses deposit their end-of-day sales to major banks for a minimal fee.
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It’s available through eTap’s self-service payment kiosks, which are already in hundreds of groceries, pharmacies, and bake shops across the country. These kiosks also support services like e-wallet top-ups, load buying, and bill payments—making essential financial tools more accessible for everyone.
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From tightening your internal processes to embracing accessible tech, there are many ways to make cash handling easier, safer, and less of a daily headache. It doesn’t have to be a struggle, all it takes is a smarter approach!

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Article by Pancho Dizon
Thumbnail by Brennan Cahilig

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