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What is cashless working? Which industries have a lot of cash in circulation? What does an alternative look like?
We live in a digital world. With the advent of the worldwide web, we have gained access to an immense amount of information and social media allows us to communicate with each other very easily.
In all kinds of industries, we see organisations making the so-called digital transformation by investing in digitising business processes. Because processes are faster digitally, organisations are gaining time and therefore money.
A good investment, then. What can save a huge amount of time and money for financials is the digitisation of cash in the workplace: cashless working.
But what does cashless working actually mean? Which industries still have a lot of cash in circulation and what does the alternative look like?
What is cashless working?
No more cash flows. No small coffers. That's cashless working.
More and more organisations want to become completely cashless. But why?
Lots of cash in circulation brings several challenges. It can be frustrating for financial managers to spend a lot of time on administration. Cash has to be collected, counted and controlled. D
it all takes time. It takes even more time when receipts are missing and when there are cash differences. So it is difficult to keep control of business expenses. Moreover, there is no direct insight into expenses.
In some cases, we see that security is also a challenge: cash is susceptible to fraud, think a cash grab or payments not being recorded.
Also, organisations in which a lot of cash is in circulation are at higher risk of theft. Educational and healthcare institutions are increasingly moving towards an organisation where cash has no place.
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