Every business has its own petty cash transactions. If you are personally attending to the petty cash of the fast courier Melbourne business, here are some tips to help you manage this challenging task effectively.
Tip #1 – Set your petty cash terms and conditions
This is a vital part of any petty cash, set the terms and conditions that can be applied for the business’ daily expenses. For example, list all the expenses that can be taken from the petty cash fund and assign one person to take charge of the release of petty cash vouchers.
Tip #2 – Determine how much can be taken from the petty cash fund
Another concern that you should prioritize when managing the petty cash funds of the fast courier Melbourne business is the amount of cash that can be taken. Why? Of course, you don’t want to be facing major losses at the end of the day if your business’ daily expenses exceeded the target amount to be spent per day.
Tip #3 – Keep enough petty cash vouchers
Make sure the assigned employee handling the petty cash funds has enough vouchers. Why? The vouchers are intended to be used for tallying all expenses incurred at a given period and if there aren’t enough vouchers, there’s a potential risk that some cash taken from the petty cash funds may not be recorded properly.
Tip #4 – Evaluate your petty cash transactions
Advice the person handling the petty cash funds to make a consolidated report of the transactions made at a given period of time, so that you can easily track those expenses that take most of your petty cash funds.
It’s crucial for your fast courier Melbourne business to manage wisely your daily unexpected expenditures. If you have already assigned an employee to take full responsibility of the petty cash funds, orient this person your expectations as well as rules when it comes to the release of any petty cash voucher. Make sure every expense is tallied and matched the petty cash report.
If you are having a hard time consolidating the expenses of your business including your petty cash funds, better look for a reliable accounting firm or accountant who can help you track your financial transactions wisely. Remember, proper recording of your business’ expenses is one of the secret ingredients of a successful business operation. Don’t just rely on records provided by your employees, assess and investigate the validity of each expense reported.