The first thing is to designate an honest worker who acts as responsible for the good management of the financial resources of the company and then assign an amount of money that corresponds to daily expenses. Indicating the internal policy in the items for which they can be spent as:
Stationery, consumables and office supplies.
Cleaning products and utensils.
Tickets and public transportation.
Materials and labor for minor repairs (maintenance).
Everyday supplies, like purified water and coffee.
The optimal management of petty cash requires always requesting a receipt issued consecutively by the company and writing down all the amounts delivered and the payment concept, no matter how small the amount, noting the name and signature of the monetary resource delivered, received and authorized.
The petty cash register is prepared according to the disposition of the resources, but it should not be longer than one month. Said petty cash reimbursements must state the date, the name of the person in charge, the initial amount and the total amount spent, and then a list that includes the invoice or receipt number that supports each expense, its concept and the amount paid. .
By internal control policy, the reimbursement of the petty cash should never be greater than the fund assigned to the person in charge of the petty cash, otherwise the deductibility of the expense is at risk since, it will have the amount of a payment on account of a third party and They would have to comply with different tax provisions.
For an efficient management of petty cash, remember it should always be used exclusively to meet small necessary and essential expenses in the company and that its careful control will prevent it from becoming a capital flight that can harm the profitability of the organization.
