Tip of the day #18 - Handling Cash Transactions?

Barbara Steckly from Preferred Client Services with your bookkeeping tip of the day

How does your company handle cash transactions'

What procedures do you have in place to prevent theft' Most people prefer to pay by credit card or debit. Even though this costs your company more bank service charges it is more secure than taking large cash deposits to the bank.

If cash is just part of your system, have a fool proof system of both recording this cash and taking it to the bank. Losing a large cash deposit one day, can really effect your cash flow and employee morale. Always have at least two people responsible for the reconciling of the cash deposits. It is easier to prevent theft than to prove it.

Barbara Steckly from Preferred Client Services, partnering with you, your Edmonton business, your team, and your accountant to make a positive difference in your bottom line