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    1 Reply Latest reply on Jul 26, 2016 5:30 PM by Vilnius Industries

    How do you manage your company’s petty cash?

    moderator_mel Tracker

      Do you have an established set of guidelines when it comes to transactions? What are some of the problems that you've run into when trying to maintain petty cash? Here are a few pointers that may help:

      • set daily limits
      • require receipts
      • create a list of approved expenses
      • reconcile the account often
      • assign one employee to manage the account
      • keep cash in a locked drawer

      What other steps would you suggest? ~Moderator Mel

        • Re: How do you manage your company’s petty cash?
          Vilnius Industries Tracker

          With companies trimming back on employees due to automation and technology most business should be allowing less people to access cash anyway to stay ahead of the curve, with that said, everything you point out is tried and true and valid today even with the slimmer workforce.


          • Since more vendors and supplies and customers use electronic payment systems for even the smallest transactions anyway, there is an even less need to handle raw cash.


          • I talk to a lot of business owners and managers every week and they almost never complain about handling cash, most people complain that they don't have enough demand for their products and services.


          • I always advice as you do in the original post, those are great business practices, I adhere to them as you lay out as much as possible.


                                                    "most people complain they don't have enough demand"



          One answer would be to make a 'standard operating procedure' for handling cash and make it understood from their first day on the job, this way they get used to it as 'best practice'


          Also video equipment with multiple cameras is a low cost way of adding security, this should keep your business running smooth quarter after quarter, I like it when a plan comes together well.




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