Petty Cash Management

Improve financial efficiency and control with a comprehensive solution for managing the petty cash requirements of mid-sized and large businesses.

Many organisations and businesses require access to petty cash to run day to day operations. However, finance managers within most multi-site businesses would probably agree that accurate and consistent accounting of the float can be problematical.

WebExpenses offers a solution to manage the accounting of the petty cash requirement of businesses. The Petty Cash Management solution is an excellent match for centralised finance departments that need to take control of distributed petty cash systems.

The WebExpenses Petty Cash solution provides a single view of the petty cash account, the accurate management information that enables head office based finance managers to improve financial efficiency and control.

The Petty Cash Management solution offers these features and benefits:

• Visibility and transparency - identify areas of spend inconsistency from site to site
• Secure point of entry control - prevents unauthorised transactions
• Electronic input of receipts - control for branch and local managers
• Minimise the potential for mistakes - reduce handling errors
• Reduce fraud - minimise fraudulent claims and theft
• Automated web based system - saves management time
• Centrally managed - head office stays on top of real time cash flow
• Can be policy driven - establishes and reinforces limits of acceptable spend
• Accurate summaries - closing balances and cash owed
• Denomination breakdown - know what’s in the cash boxes
• Accurate determination of float - know when to top up the cash boxes

How the Petty Cash solution works

There are just 4 steps to improved control and efficiency:

1. On a weekly or monthly basis input all your receipts electronically - depending on your reporting requirements
2. Input remaining float denominations - the solution will verify this adds up to the balance
3. Submit the form – the solution will flag up if the balance is not right
4. The system produces a closing balance and details of expenditure and provides Head Office with detailed management information enabling:

• Accurate reimbursement of cash boxes to make up the float
• Spend analysis on a per-brand and organisation-wide basis
• The ability to spot trends, inconsistencies and inefficiencies

To find out more about improving financial efficiency and control with the WebExpenses Petty Cash solution, contact us to schedule a demonstration.