CASH360 - Tifco Hotel Group
For a busy hotel with a high volume of cash, managing that cash is an ongoing challenge. Working with G4S Ireland, Tifco Hotel Group has streamlined the cash cycle at a number of its busiest hotels around the country.
Tifco Hotel Group owns and operates several well known hotels in Dublin, including Clontarf Castle, Crowne Plaza Blanchardstown and Crowne Plaza Hotel Dublin Northwood. The group also manages several properties nationwide, including Johnstown House Hotel in Co Meath and Crowne Plaza Dundalk. Running some of the busiest hotels in the country, the group was keen to find a way to enhance cash management throughout its business.
Three years ago, Tifco Hotel Group partnered with G4S Ireland, to implement the CASH360 solution at Crowne Plaza Dublin Northwood – the first hotel in Ireland to roll out this system. Following a successful test period, the group rolled out the system to six more of its hotels.
Delivering operating efficiencies
Prior to implementing the CASH360 solution at its hotels, Duty Managers would typically spend six hours every day managing cash. With the new system, managers no longer need to spend time with these tasks; each member of staff has a PIN code with which they can use the machine to lodge cash and “buy” change. This also means that cash is lodged more regularly and staff members no longer need to wait for a busy manager to get change for their tills.
“It’s difficult to put a figure on how much this system has saved our hotel group annually, but it is clear that in terms of time, it now saves approximately six hours each day of our managers’ time, which they can now spend adding value and providing customer care,” explains Helena Malone, Crowne Plaza Hotel accountant.
Lodgement receipts save cashier time
Not only does the CASH360 system save duty managers’ time, it also decreases the amount of time that accounts cashiers need to spend balancing lodgements. Previously, when lodgements were made, staff members required a manager to witness all lodgements being made. The accounts cashier then had to locate all these lodgements and make sure that the log of lodgements matched the number of lodgements received. Now, whenever money is lodged into the machine, staff receive a printed receipt outlining all the pertinent details of the lodgement, including name of staff member, department, amount, etc.
Historically the accounts cashier would re-validate each lodgement recounting all the notes and preparing a manual lodgement for the bank. With the CASH360 Solution notes are automatically validated by G4S and lodged directly into the Tifco Hotel group’s bank account. Helena says by taking away this time-consuming task from the accounts cashier, the group can assign one cashier to two hotels.
Security features provide peace of mind
With the CASH360 solution that Tifco has chosen staff do not have access to the notes after they have been deposited into the machine, providing peace of mind in the event of a burglary. The group has also been able to reduce its potential loss in an event of a burglary by doing regular lodgements to the machine.
“Cashing up” becomes more efficient
At a busy hotel, “cashing up” or counting all takings at the end of a long day can be a tiresome task for bar supervisors, other department heads and all staff who take cash. With the CASH360 system, the whole process of cashing up is made more efficient.
This specific type of machine features two “acceptors” and counts two notes per second in each acceptor simultaneously, so staff simply need to feed the notes into the machine and are given a printed tally of all takings. For tired hotel staff, specifically bar and function room staff, this facility has proven to be a welcome addition, according to Helena. “They no longer need to spend that extra hour or so at the end of a shift cashing up, which is great for morale.”
Verification and detailed reports guarantees traceability
Each time a member of staff uses the machine, whether to lodge money or to “buy” change, they need to enter their unique PIN code. They also need to key in their particular department, which allows the group to easily reconcile transactions with each department. “At the end of each day we receive a detailed report outlining the machine’s daily activity. This guarantees accountability and traceability of all lodgements and withdrawals,” says Helena.
G4S management means seamless service
As part of the CASH360 solution, G4S monitor and maintain the machines. The agreement also means G4S regularly ‘service’ the machines: emptying the cash from the machine, recording the amount being taken, lodging it into the group’s bank account and providing lodgement confirmation. For Helena, this has proven to be a seamless process. And with verification occurring at each juncture, the hotel has solid records of all transactions.