Petty Cash Management – Tips and Tricks
Petty Cash Management A number of business owners make the terrible mistake of thinking that petty cash is insignificant and doesn’t need much of management. Petty cash is the small amount of cash that is spent on small company expenses like daily coffee runs, staff birthday celebrations, postage costs etc. However, just because petty cash doesn’t constitute a huge amount of money, doesn’t mean that it’s not important to track and manage it. All the little company expenses add up to make a pretty good amount. And, when properly managed, petty cash helps you keep an accurate record of all the finances of your company. Take a look at some tips and tricks for efficient petty cash management : Separate Petty Cash Fund Keep the petty cash fund separate from other expenses. This fund helps you meet small cash expenses of your company. Maintain a detailed log for each and every expense to make the financial audits easier for your company. 2. Allow Restricted Access...