As the business grows, management of the daily cash flow becomes increasingly important. Companies with distributed works and dispersed offices find managing petty cash, is a daunting task. Petty Cash is usually the small amount of cash available in an organization for making small purchases coded as ‘miscellaneous expenses’. Many corporate discover without right controls petty cash is a source of revenue leakage.
Companies discover handling petty cash in an informal “manage as you-go” does leave discomforting experiences. For an official meeting that has extended beyond the office timings, the team lead may want to buy donuts or pizza. The company may have a policy to encourage such employee engagement, but unfortunately, the team is at a remote location and they have no cash advances. What usually happens is one of the employees volunteers (most likely the manager). It is humanly possible that they to forget to bring back the receipts and claim spend. A manager may find the task of summarizing multiple expenditures like this tedious and time-consuming task. Smarter companies are realizing outsourcing to reliable process mature partners to handle petty cash to eradicate complications like the ones mentioned above.
SuperSeva Services proposes to offer an end-to-end managed service for managing your petty cash. For this purpose, SuperSeva will assign a SPOC (Single Point of Contact). This SPOC would be experienced in vendor management and well versed with customer service skills.
How does this model work?
SuperSeva’s process flow and delivery model:
- SuperSeva will assign a SPOC
- Client will daily Email the requirements to the SuperSeva SPOC
- Responsibility of the Client: To send a scanned /hard copy of the Vendor’s invoice along with an approval mail
- Responsibility of SuperSeva SPOC: Online payment to the vendor in 24 hours (after receiving the hard copy of invoice)
Benefits of outsourcing your petty cash management system
- Visibility and transparency to identify areas of spend inconsistency from site to site
- To have a secured point of entry control to prevent unauthorized transactions
- Electronic input of receipts
- Minimize the potential for mistakes – reduce handling errors
- Reduce deceit and minimize dishonest claims and thefts
- Can establish a system which is policy driven to reinforce limits of acceptable spend.
- Single point of contact to effectively handle real time cash flow.
- Maintain accurate summaries of closing balances and cash owed.