Security measures for a 100% cash based business.

[Etini]

We know that electronic methods of payments have become prevalent in business nowadays. But that notwithstanding, there are still businesses that depend completely on cash based payments. Those that sell giffen goods like food items in retail quantities depend entirely on cash payments to run the business.

There are security risks though with running a business premises with completely cash based payments. But you can mitigate these risks if you are running a cash based business with the following measures:

1) Have secure and fortified safes: If you run a cash based business, you would need to invest in safes that are hard to break into so that you can safely keep the cash earned by sales.

2) Streamlined Cash Counting Procedures: Standardize the process of counting cash and make sure it is implemented to avoid errors and fraudulent activities.

3) Send cash to the bank as soon as it is a little bulky: When the cash realized through sales is substantial enough, send it to the bank to reduce any risks that might happen.

 

[Axis]

Many businesses exist in the financial sector and of course to properly run a business in the financial sector there must be a high degree of security measures in order to measure that cash deposited by customers and client do not fall into the hands of unauthorized or unknown individuals. It is however necessary and important that safety measures be considered when examining the establishment of a financial based business. One of the most major and good security measures in this aspect is to make all transactions and operations as well as activities to be done electronically so that at the end of the day proper assessment of business operations can be carried out in order to trace errors and rectify problems. The system must have a two-factor authentication so that only authorized individual can have access to the system where cash are being stored. Last of all they must be checked and balances as well as authorization and approval from two or more different personnels in the business organization which of course involves the segregation of duties.