Petty Cash remains an area of company finance that receives a small amount for running their daily expenses and therefore receives minimal attention, due to this it makes petty cash a high potential risk. An improperly managed petty cash could make the workplace susceptible to fraud and compliance breaches. Therefore, a system in place could help the business proactively manage risk and keep track of its small finances for daily business operations.
One of the major advantages about using petty cash system is the option to not count or touch physical money to know it’s balance availability at any time or even avoid the usage of cash counting machines. Petty cash can be released based on the balance availability in the system which at the end of the day should reconcile with your physical money present inside counter. Whenever cash is released in the system, balances are automatically updated on real time and the transaction is recorded against the user whoever has released cash along with the receiver’s name and department. This helps you keep track and maintain record for future management reporting and company audits. Also, when cash balances run low, system gives you the option to top up petty cash balances against each department in your organization so you can continue to disperse money based on the daily needs.
Petty cash management security access control is in place so that only authorized users are given privilege for maintaining cash register, dispersing cash and uploading cash balances. This cloud-based management approach allows any number of petty cash accounts to be centrally managed and tracked on real time.