What is Petty Cash Management?
Petty cash refers to a small amount of cash which is required for daily miscellaneous expenses by an organization. The size of the petty cash account is usually based on the size and type of business. Petty cash is used for expenditure where it is not sensible to make any payments by cheque because of inconveniences of writing, signing and then cashing the cheque.
Why is it required?
We need petty cash to deal with incidental expense and immediate employee reimbursements. Petty cash is also required for the purchase of employee birthday cakes, ordering lunch during Client visits, celebrating a closure of a business deal and sometimes weekly pizza meetings. Petty cash is also spent on buying office supplies which includes pens, notebooks, printer ink cartridges and so on.
Petty cash is that ‘little cash’ at your disposal that might not be tracked. Often, such petty cash accounts are neglected: it therefore, is important to have a Petty Cash Management system.
What are the Benefits of this?
Petty cash management helps to keep a record of all items that have been purchased out of petty cash, e.g., stationary supplies, postage, coffee service items, small parts, etc. This empowers the Management to start questioning unusual expenditures, or holding someone accountable.
· Less options to mismanage the cash
· To keep a tab on daily expenditure.
· Minimize possible mistakes – reduce handling errors.
· Exchange breakdown – know what’s in the cash boxes.
· Petty cash management is effective as well as operative.
How SuperSeva could help?
SuperSeva proposes to offer an end-to-end managed service. For this purpose, SuperSeva will assign a SPOC (Single Point Of Contact). This SPOC would be experienced in vendor management, well versed with customer service skills.
SuperSeva Petty Cash management Process flow-
· The delivery model :
o SuperSeva will assign a SPOC
o Client will daily Email the requirement to the SuperSeva SPOC
o Responsibility of the Client/Requester : To send a scanned /hard copy of the Vendor’s invoice along with an approval mail
o Responsibility of SuperSeva SPOC: Online payment to the vendor in 24 hours ( after receiving the hard copy of invoice )
At the end of the month, a consolidated invoice will be sent to client along with the acknowledgments for the release of payment
Clients: Renowned facility Management Company as well as MNCs are benefiting from our end to end solution.
For more information on this please call on our Toll free no 1800 102 9192 or you can email us at email@example.com for any inquiry.
[…] Managing Petty Cash is becoming difficult! […]