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How a seamless cashless environment makes auditing easier

Another key benefit to a cashless environment is the ability to see all transactions taking place across your organisation. See how using MonitorIT's powerful centralised reporting helps to give you a clear oversight of all purchases.
Audit records typically result from activities such as financial transactions and other entities and they are an important and very useful set of records to have.  They are used to meet legislative requirements and inform business strategies. In a cashless environment this is particularly important.

A key benefit of a cashless environment is its ability to present information in a quick and easy to use way from one reporting source, so you can be agile in your responses to trends. You can react to these trends and understand profitable or non-profitable service areas quickly. In an organisation with an over reliance on cash this agility is harder to achieve.

On most campuses, there are various places students or staff can go and spend:-
  • The canteen at meal times
  • The vending machines for a mid-morning snack
  • Payment of course fees, accommodation fees and other fees
  • Sports membership
  • Car parking
  • Books and goods from any on site shops you may have
  • Buying tickets for events
  • Paying course fees
In a more cash based organisation the reconciliation and audit process for multiple outlets is more onerous for staff and is open to human error, alongside this there are the further implications of holding cash on premise; cost of insurance, banking and considerations around staff security.

In contrast, in a cashless organisation, there is little cash reconciliation and every transaction is centrally recorded, giving an immediate audit trail. Reporting is easy so time spent on producing reports is reduced and more accurate with less human error likely. With less cash staff security implications are reduced and staff job satisfaction improves. With a reduction of cash held on premise there are savings in the cost of banking and insurance too.

A cashless environment can be extended to include print and copy payments, attendance monitoring, visitor and contractor management, laundry payments, access control and many other services. By integrating these services into one central transaction database the reporting and auditing of activity in these areas is also included and made easy.

By using just one identifier for multiple services your students and staff benefit from a seamless user experience. They can add funds to their central account, use the identifier to access buildings, book PC’s or meeting rooms, buy tickets for events or pay their course fees and much more.

The organisation can also pay funds, such as Bursary payments, into student’s accounts and parents can top up students accounts too. If needed each central account can have subsidiary accounts, such as, for catering or print and copy and money assigned to the subsidiary accounts could only be spent in those areas.

In summary, a seamless cashless solution can provide a real-time overview of transactions taking place across your organisation, allowing you to respond quickly to events such as slow sales of a particular line or decreasing footfall in your canteen.

Using powerful centralised reporting gives a clear oversight of purchase and usage trends that can be used to set budgets and makes forecasting more accurate.  

If you would like to learn more about how MonitorIT’s seamless cashless solution can help your organisation please call us on 01494 565066 or email on solutions@monitorit.co.uk
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