Petty Cash
Petty cash is a small cash reserve for minor business expenses, such as office supplies or local travel, tracked digitally to ensure accountability. Employees log usage with receipts, categorized for approval and reconciliation. The platform enforces limits and permissions, restricting access to designated users. Automated reconciliation flags discrepancies, maintaining accurate balances. Petty cash entries feed into financial reports for audit readiness. This streamlines management of small expenses, reduces manual tracking, and ensures compliance with company policies.
Frequently Asked Questions:
What is petty cash?
Petty cash is a small amount of physical cash kept on hand to cover minor or incidental business expenses like office supplies, refreshments, or local travel.
How does your platform support petty cash tracking?
Our system allows users to record petty cash usage, assign expense categories, and upload scanned receipts for approval and reconciliation.
Who can access and use petty cash?
Access is typically restricted to designated individuals or departments. The platform lets you set user permissions and roles for submitting or managing petty cash entries.
Are receipts required for petty cash expenses?
Yes. Employees are encouraged to attach receipts to each petty cash entry for accountability and audit purposes.
Can petty cash be reconciled within the platform?
Absolutely. The platform helps track petty cash balances, flags discrepancies, and supports monthly or periodic reconciliation.
Is there a limit on petty cash expenses?
Yes. Companies can set daily or transaction-based limits within the system to prevent misuse and maintain policy control.
Can petty cash usage be included in financial reports?
Yes. All petty cash entries are categorized and included in spend reports for full transparency and audit readiness.
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