Stephanie Peterson

SEPTEMBER 21, 2021

Misusing Petty Cash Some business owners think of petty cash as extra cash and don't feel the need to save receipts or track how the money is spent. Petty cash isn't a business owner's personal wallet, and all transactions made using petty cash must be tracked to back up deductions.

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Petty cash Bookkeeping Virtual Bookkeeping QuickBooks 52

Stephanie Peterson

JULY 21, 2022

Failing To Save And Record Receipts For Minor Purchases Misplacing or forgetting to record and save receipts paid with personal or petty cash for business-related purchases can add up to a loss of a significant amount of money, even to the most cautious business owners.

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Bookkeeping Petty cash Virtual Bookkeeping QuickBooks 52

Remote Quality Bookkeeping

JANUARY 22, 2024

For example, a business could conduct an audit solely focused on its petty cash system to ensure money is being handled properly. Opportunity for Improvement: After compiling their findings, internal auditors can work with business owners and managers to improve any areas of weakness identified by the audit.

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