5/27/2023 0 Comments Cash management system safebox![]() ![]() When it comes to making small value emergency purchases, petty cash is an ideal option. ![]() ![]() An employee assigned to handle petty cash does not require stringent management, as standard procedures are in place to ensure that each transaction runs smoothly and effectively. Petty cash use requires less supervision than other spending options. With some cash in hand, payment can be made immediately, eliminating the long payment process for both the merchant and the employee. The petty cash system allows one to make quick payments for emergency or last-minute services. The following are several reasons why businesses should adopt this practice. Petty cash brings lots of benefits when appropriately implemented in business. The size of petty cash funds is determined based on daily or weekly cash expenses made and can range from RM50 to RM1,000. It helps employees avoid the inconvenience of writing a cheque and enables them to make payments in situations where cheques are not possible or acceptable. Petty cash is a small amount of money in the form of cash, kept aside and made easily accessible for handling business expenses like employee lunch, postage and delivery fees, office supply purchases, emergency purchases, and more. This type of fund is known as petty cash. A cash fund set aside for this purpose gives businesses better control to handle business operations effectively. Businesses of all sizes need cash in hand to respond to unplanned business needs as they arise. ![]()
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