WAYS YOU CAN MANAGE CASH IN BUSiNESS

SECURE YOUR BAG

In a business climate such as ours, completely doing away with physical cash as a form of payment is nearly impossible. Although the numerous payment platforms especially the point of sale (POS) Machine have reduced cash handling by a significant percentage, it has not completely erased it.

.As a business owner you might find yourself constantly watching your back and having sleepless nights if you do not develop a system of recording and securing cash in your organisation.

Here are 5 ways you can manage cash in your business.

1.Implement Strict Cash Handling Procedures: Establish clear guidelines for handling cash, including who is responsible for counting, depositing, and reconciling funds. Cash handling is not a game of assumption, assign specific people to handle cash and give reports.

2.Limit Access to Cash:
Restrict access to cash to only authorized personnel who need it for their roles. Also make transfers your first choice in carrying out transactions or funding expenses. Use cash only when absolutely necessary. Deposit excess

3.Regular Reconciliation and Auditing:
Conduct regular reconciliations of cash on hand with recorded transactions to identify discrepancies or potential theft. Perform surprise cash counts and audits periodically to ensure compliance with cash handling procedures and deter theft.

4.Employee Training and Awareness:
Educate employees about the importance of cash handling security and the consequences of theft. Provide training on proper cash handling procedures and emphasize the importance of reporting any suspicious activity or discrepancies immediately.

5.Background Checks and Vetting: Conduct thorough background checks on employees who will have access to cash and sensitive financial information. Verify references and employment history to identify any red flags that may indicate a potential risk of theft.

By implementing these preventive measures you can significantly reduce the risk of physical cash theft and safeguard their financial assets.