5 Steps to Petty Cash Control - webexpenses

1 5 Steps to PettyCash Control5 Steps to Petty Cash control2 IntroductionWhoever put float into the finance lexicon for describing Petty cash was right on the money - because as we ve probably all seen, sometimes Petty cash has the ability to inexplicably floataway!For many businesses Petty cash is a necessity because access to ready cash oils the wheels ofdaily operations. However, paper based systems to monitor this are time consuming and proneto inaccuracy. Multi-site businesses with centralised head office finance departments may findthat the problems of Petty cash management are especially amplified. It is seldom moreuncomfortable than when the honesty of employees is questioned because of fraud or 5 step process to taking Control of Petty cashIn this paper we outline a 5 step process that solves the problems associated with Petty cashand allows centrialised finance departments to gain Control of the Petty cach Steps to Petty Cash Stakeholder opinionsA goodfirst step is to research the opinions of all those involved in the chain of accounting,distribution and use of Petty cash.

2 Everyone involved is almost certain to have a strong viewon the subject. One reason for this is that it could be seen as their fault when the Petty cashaccount does not tally; no one likes to be thought of incompetent or dishonest. Auditingthese opinions is vital; it ensures that the widest view of the problem is gained and because itmakes sure that individuals feel inclusive in the change process of formulating company a company Petty Cash policyAnalysing the opinions gathered in the audit enables senior management to shape anorganisations Petty Cash policy. This should be comprehensive, clear and concise. It shouldallow no room for misinterpretation and shouldbe checked for loopholes . Some goodpointers are: When setting out processes, define post-holder responsibility for each step Define terms such as:oAll expenditure must be properly receiptedoWho is allowed to issue Petty cashoTaxi fares only valid if supported by cab company name, phone number andlicensed badge number of driver5 Steps to Petty Cash control4It is advisable to have the policy wording checked by HR and legal advisors to ensure that itdoes not conflict with employment or company and select the solution that best meets thebusiness needsImplementing a Petty cash management software solution like webexpenses Petty Cash is acomplimentary step , strongly supporting the introduction of policy.

3 Draw up a list of features and functionality, perhapsgroup them as essential and niceto have Discuss the policy with vendors and evaluate products in relation to your businessneeds Assess pre-sales and find out about post sales support; find out if there is the ability tomodify the system if the needs of the business change; find out if there any costs forchanges Ensure that vendors help support rollout of system and policy Reporting features should be fully customisable to allow the extraction of managementinformation in any way that it is required5 Steps to Petty Cash control5It is important that a Petty cash management system is not a silo operated in isolationfrom other back office business systems. The best systems are able to fully integrate withexisting finance and accounting the solutionand policyOnce the rollout date is set, work with the vendor to ensure that preparations are scheduledand successfully carried out.

4 The best vendors will have experienced implementation teams tosupport this activity. Training by the vendor should be included as a standard part of the implementationprocess Help and support features should be interwoven into the systemThere is an element of cultural change, so top-down leadership is required. The FinanceDepartment needs to lead, and it is essential to secure the buy-in of branch officemanagement to ensure a smooth and successful change Steps to Petty Cash information enables better financialefficiencyThe reporting capabilities of the best systems allows organisations to obtain a single view ofthe Petty cash account without obscuring individual details. This allows access to managementinformation that enables financial webexpensesWebexpenses is a provider of award winning web-based expenses management solutions.

5 Thesoftware allows for unparalleled flexibility in configuration and ease of use, allowingorganisations to quickly reduce travel and entertainment spending and the costs of processingexpense the very start,webexpenseshas had one main objective- to makeexpenses something you effortlessly Control ; not a costly drudge you battle is an approach which has fuelledwebexpenses growth over the past decade; it s now thetried and tested solution for hundreds of clients throughout the world- from smallorganisations to large giving organisations the tools to Control expenditures,webexpensesclients are able toincrease efficiency, stabilise T&E spending and reduce operational costs; providing a speedyreturn on their Steps to Petty Cash control7 Exceeding ExpectationsThe foundation ofwebexpenses success has always been its powerful and robust softwaresolution.

6 But at the heart of the company is a commitment to exceed expectations- to go thatbit further to ensure our clients needs are and every one of our users, no matter how large or small the organisation, is given thesame level of personal service from our client support commitment has allowedwebexpensesto record some of the industry s highest ratings forcustomer support and a 97 percent client retention rate over the past five StepFor more information about webexpenses just contact us on:Call: +44 (0)845 250 Steps to Petty Cash control8 Note: The information contained in this document is accurate at the time ofpublishing and ismeant as guidance only. We would advise that for any specificinformation you seek advice from a professional body or adviser, in particularly tostay up to date on all legislative changes.