For each petty cash fund, create an overview of the number of users and the number of payments per accounting period.Work out how many man-hours are spent on transporting cash to the various locations.Determine how much time your cash management processes currently take and how much money this costs.This might provide some relief in the short term, but the underlying issues will likely remain unchanged. Would you like your cash management to be improved long-term? Then don’t wear yourself out by constantly putting out cash-related fires in your organization. This is why more and more organizations are becoming cashless.
Handling cash carries certain risks and also creates a lot of fuss and hassle. Sounds good, right? On paper, it certainly does, but it’s perhaps also a bit old-fashioned. He or she will collect all transaction receipts and, if necessary, request more budget.īy skipping the often time-consuming process of requesting advances and by not having to involve the finance department for every small purchase, decisions can be made efficiently at departmental or office level. This colleague will be responsible for keeping track of which amount is spent by whom and on what. If your company has multiple offices, you can allocate a certain budget to each location and put someone in charge of cash management. With a petty cash box such business expenses are quickly and easily paid for. To buy flowers for a colleague, to fill up the company car with petrol or to buy a potential client lunch. Many organizations in the Netherlands still use a petty cash box for small, day-to-day business expenses.
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