|
||
Five tips for better monitoring and controlling the use of petty cashIn any business there are times that you will need to use cash for purchases or events.This is fine, in and of itself.However, cash can be very difficult to monitor and control in a business.It's hard to know where every cent of change ends up.You have to be sure to get a receipt not only for when you receive the cash, but after you've spent the cash as well.So let's discuss five tips for better monitoring and controlling the use of petty cash in your business. Having a petty cash fund at work, or simply allowing your employees to occasionally use cash (that you give them at your discretion) can be very difficult to control.This difficulty can be amplified especially when there are several people who are allowed access to your petty cash fund.Many companies keep a small fund of cash on hand for supplies and other miscellaneous financial needs.However, you should always keep this cash in a secure location, locked in a safe.Only people who are allowed access to the cash without consulting you should be allowed to carry a key to the safe with them.Otherwise you should be the one to give out access to the cash funds.Here are five tips to better cash management:
1. Keep good books on your petty cash box.This is especially important if multiple people are being given access to this fund.An excellent way to do this is to keep a sign-out form next to your cash box.Then, anytime someone accesses the cash fund, s/he must sign their name, date, time and record the amount of money taken from the cash box.You may even ask that they write their intentions with the cash.You should require that all receipts be turned in.This way, if your employees know what is expected from them, they'll help you rather than hinder you in managing your petty cash. Doing these 5 tips will help you control your petty cash. |
||
Copyright 2003-2020 by BusinessKnowledgeSource.com - All Rights Reserved
Privacy Policy, Terms of Use |