{"id":12364,"date":"2021-01-07T11:58:00","date_gmt":"2021-01-07T16:58:00","guid":{"rendered":"https:\/\/quadranslawandfinance.com\/?p=12364"},"modified":"2021-01-07T12:00:06","modified_gmt":"2021-01-07T17:00:06","slug":"importance-of-having-a-petty-cash","status":"publish","type":"post","link":"https:\/\/quadranslawandfinance.com\/en\/blog\/importance-of-having-a-petty-cash\/","title":{"rendered":"Importance of having a petty cash"},"content":{"rendered":"<p>Petty cash is a fixed fund that every company must have, the cash that is allocated in this box must cover unexpected expenses that are necessary for the proper development of activities in the work areas.\u00a0 Here we share the importance of having a petty cash in your company.<\/p>\n<p>The use of petty cash is an administrative accounting method that will allow the workers of your company to go to this medium when minor expenses occur, so that the management of a petty cash works it is essential to have certain guidelines that avoid having problems in the\u00a0 accounting of your company and affect the final result of the month.<\/p>\n<p>&gt;You may also be interested in our entry: <a href=\"https:\/\/quadranslawandfinance.com\/en\/blog\/correct-handling-of-petty-cash\/\">Tips for the correct handling of petty cash<\/a><\/p>\n<p style=\"text-align: center;\"><strong>\u00a0Importance of having a petty cash within your company<\/strong><\/p>\n<p>Remember that the success of your company will be reflected in the cash flow statement and in its professional management.\u00a0 There are 4 important factors of having a petty cash:<\/p>\n<ul>\n<li>A record is made to justify minor payments<\/li>\n<li>Add the information of said payments to <a href=\"https:\/\/quadranslawandfinance.com\/en\/blog\/importance-of-account-books-for-firms\/\">the accounting books<\/a><\/li>\n<li>Improves the allocation and control of budgets<\/li>\n<\/ul>\n<p>In no case shall petty cash cover expenses corresponding to items such as: Salaries, check cashing, making loans, exchange for vouchers, payment of services such as electricity, telephone or water, advertising or supplies.\u00a0 This is why each expense that is made with the fund of the box must be supported with a proof of payment.<\/p>\n<p>&gt; You may also be interested in our entry: <a href=\"https:\/\/quadranslawandfinance.com\/en\/blog\/glossary-for-accounting-procedures\/\">Basic Glossary to understand accounting procedures<\/a><\/p>\n<p>The reason for having the petty cash funds is to avoid management approval, however, as we mentioned earlier, these expenses must be justified.\u00a0 The second aspect to take into account is the custody of the person responsible for petty cash, who must report to management for the expenses generated.\u00a0 However, it is important to emphasize that petty cash cannot be used freely, neither by employees nor by company managers.<\/p>\n<p>At <strong>QuAdrans Law and Finance<\/strong> we have an <a href=\"https:\/\/quadranslawandfinance.com\/contabilidad\/\">accounting service<\/a> and trained personnel to help you keep your business in order.\u00a0 If you need more information, we invite you to <a href=\"https:\/\/quadranslawandfinance.com\/en\/contact\/\">click here<\/a>.<\/p>\n<h4 style=\"text-align: center;\"><strong>\u00a0Law firm of public accountants and lawyers in Playa del Carmen.<\/strong><\/h4>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Petty cash is a fixed fund that every company must have, the cash that is allocated in this box must cover unexpected expenses that are necessary for the proper development of activities in the work areas.\u00a0 Here we share the importance of having a petty cash in your company. The use of petty cash is [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":12362,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-12364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accountant"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Importance of having a petty cash - QuAdrans law and finance<\/title>\n<meta name=\"description\" content=\"Petty cash is a fixed fund that every company must have. Here we share the importance of having a petty cash in your company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quadranslawandfinance.com\/en\/blog\/importance-of-having-a-petty-cash\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Importance of having a petty cash\" \/>\n<meta name=\"twitter:description\" content=\"Petty cash is a fixed fund that every company must have. 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