First of all, there is always the potential for theft or misappropriation of funds. Using company petty cash can be a risky proposition. All in all, company petty cash can be a helpful tool for keeping businesses running smoothly. Additionally, it can help to build goodwill with vendors when they see that the company is prepared to do business with them on a regular basis. It also helps to streamline the accounting process, as all expenses are recorded in one place. Having petty cash on hand eliminates the need to constantly write cheques or use company credit cards for these small purchases. Petty cash is a designated sum of money that is kept on hand for small, everyday expenses that may come up. Petty cash can be a convenient way for businesses to handle small expenses, but it is important to keep track of all expenditures to avoid overspending.Ĭompany petty cash can be a great boon to businesses, large and small. The petty cash is then replenished with an equal amount of cash. When petty cash is expended, the employee must provide a receipt and explain the purpose of the purchase. Petty cash is used for buying supplies, postage, snacks for employees, and other small business expenses. The cash is typically kept in a locked box or drawer, and only a designated employee, usually the office manager or bookkeeper, has the key. Company petty cash is a small amount of cash kept on hand by a business for the purpose of making small purchases.
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