Petty cash management
Pre-approvals for faster process
Full impress system compatibility
Data tracking for improved reporting
What is petty cash?
In business, petty cash is a small amount of immediately available funds that can be used to cover discretionary business expenses. The benefit of petty cash for the company time savings: not having to write checks and reimburse an individual per each small purchase.
Generally, it is the expense items that fall within the ‘miscellaneous’ category that are paid for out of petty cash as they are required for the day-to-day operation of a business. Petty cash funds typically cover the smaller, one-off items of company expenditure such as office supplies, postage stamps or food/drinks bought for the office.
Before digital petty cash management
Traditionally, petty cash funds have been managed by a physical ‘tin’ or ‘lockbox’ within a company or department. Each box or ‘float’ is managed by an individual who has responsibility for keeping a record of all expenditures, by requesting receipts for all purchases and then reimbursing employees for the expenses they have incurred.
Petty cash accounts must be balanced with any payments coming in and out recorded and reconciled.
How Webexpenses petty cash management works
Webexpenses' petty cash tool is embedded in the expense management application. It automates how companies manage their physical petty cash funds by providing a simple way for finance teams to manage spend and with the assistance of reporting sitting behind each tin, users have
- Each petty cash ‘tin’ or ‘float’ is set-up with an individual owner within Webexpenses, to be managed online from purchase to approval and reimbursement.
- Receipts are digitally uploaded and attached to the account, bringing tighter control on each spend item.
- Reconciliation is easy through online records and digital receipts.
- Reporting provides a real-time digital view on petty cash account balances and complete visibility on smaller departmental purchases that can often be overlooked.