The combination of a rapidly expanding business and a high cash turnover at point of sale has always been an issue for Poundland, Europe’s leading one-price retailer. Poundland started trading in April 1990 with a highly attractive shop fit and an irresistible concept: every item in a range of more than 2000 products is offered at the same price: £1. This represents unbelievable value for money. However, as a result cash is the retailer’s most popular method of payment, responsible for 80% of all takings. As Europe’s largest single-priced retailer, they now have over 200 stores in the UK meaning that Poundland want to ensure that their tills are counted as quickly and accurately as possible.
The high-street retailer has resolved the matter, thanks to Cashmaster’s cash counting solutions. For several years now, Cashmaster cash counting machines have been used in all Poundland outlets, ensuring time isn’t wasted on till counts, whilst optimising the accuracy of day-to-day takings. Working closely to review Poundland’s systems and operational procedures, Cashmaster provided a service that allowed the cash counting machines to work alongside, and in conjunction with, Poundland’s current data systems.
Neil Duckhouse, Poundland’s senior buyer explained, “The use of Cashmaster units replaces the need to count the monies at our store by hand. The units are also integrated with our in-house Cash Management System allowing direct information on the day's trading. This also lets staff focus on more important tasks such as retail processes and customer service. And with the cash counter connected to the PC via a serial cable, the takings can be instantly reconciled without having to upgrade or modify our existing systems.”
On average, a Cashmaster machine can count the entire contents of a typical till in less than one minute, making it 6 times faster than a manual count. With the ability to count 500 coins in 0.2 seconds and 300 notes in 5 seconds, the Cashmaster counting system removes the possibility of human error and gives store managers extra time to focus on the more important aspects of retail.
But it’s more than simple till reconciliation. Neil went further to explain how the Cashmaster system is aiding Poundland’s business development as a whole: “The development rationale of the company ensures that the quality of support systems and our ability to manage the business effectively always exceeds the requirements of a rapidly expanding business … Poundland is a young retailer that has taken advantage of ‘leading edge’ technology, providing management controls which are considered by many to be superior to those employed by other larger retailers.”
With an average of 6 tills in every outlet, which require counting twice daily, Poundland save approximately 150 hours per day nationwide using Cashmaster’s counting machines (compared to manual counts), saving time, profit and the possibility of cash shrinkage from theft or error. This equates to approximately £300,000 annual savings to business and a return on investment in 25 weeks.
Neil went on to credit the Cashmaster customer support team: “We allow our sites to contact the support service directly. Overall I believe the service adds value to Poundland’s IT service offering, as the users have direct access to product specialists through Cashmaster. I would recommend a Cashmaster consultation to any business that has a necessity or requirement to count cash”.
Cashmaster is pleased to support Poundland as it goes from strength to strength in the retail sector, helping to resolve reconciliation matters and save money.