As independent supermarkets gain strength and momentum in the grocery retail industry, they continue to spar with larger, national chains in a highly competitive marketplace, working hard to survive on small margins. The complexities and risk factors faced by independent grocers require them to implement ways to cut costs and expenses and keep a tight hold on cash. However, while strong accounting practices and efficient operations are fundamentally at the root of doing so, large numbers of independents do not recognize that deficiencies exist in their cash offices, a scenario that can be a major liability to any business. Many independents execute various practices that were implemented years back, but they have not reviewed their entire cash office reconciliation process including balancing, reporting, and auditing for an extended period of time. As a result, these retailers are unaware of inefficiencies and any areas where profit is leaking.
In today’s retail marketplace the customer experience is a main focus, and shoppers are looking for stores that provide benefits that go beyond price such as assortment, excellent customer service, and a variety of payment types and points of payment. Unfortunately, while retail has evolved significantly over time and the front end has completely changed, the cash office has remained stagnant despite the demand of working with new payment types and processes. In response, technology solutions that can drive efficient store cash management should be leveraged to improve the overall bottom line. Optimally, supermarket retailers should be able to implement a solution that tracks and reconciles transactions from the point of sale terminals to the bank and up to the corporate level. In this case study, several independent grocery retailers provide insights into how the use of Balance Innovations’ solutions has done just that and facilitated improved accounting systems and operational efficiencies across cash management modules.
As the leading provider of reconciliation and efficient cash management solutions, Balance Innovations has special expertise in software solutions for the cash office. They understand the pain points of retailers and what they need to do to optimize cash office and accounting efficiencies. The Balance Innovations organization looks at cash management through a holistic lens considering the cash office as an extension of the total store. As such, they help retailers view and treat cash as they do every piece of inventory in their stores, tracking every bundle of money with the same fervor and accuracy as every unit of canned beans.
Balance Innovations offers solutions for best-in-class retailers who want to better manage the store reconciliation process through an end-to-end automated solution that streamlines processes and provides analytical data to help identify problems. In the following pages, several independent grocery retailers provide insights into how they have integrated Balance Innovations solutions with their existing POS technologies to automate and improve revenue balancing, check processing, and self-checkout management.