Jefanie Genilla
Having sufficient funds in the bank is very important for every business as it serves as a safety net for the company in times of off-peak or breakeven situations. However, it’s equally important to have cash on hand always to buy office essentials needed on a daily basis. This is where the value of petty cash lies.
Considering the importance of cash on hand, there are now several banks offering petty cash loans in Manila, as well as in other regions in the country, to cater to the daily financial needs of companies.
In a gist, petty cash refers to the fund you use to pay for incidental expenses such as office supplies, fuel for the company car or even meal treats for employees on Fridays.
Petty Cash Management Tips
Newbie petty cash custodians usually fall into the trap of missing out on recording some of the little expenses made. When this happens frequently, unaccounted expenditures would pile up and can translate into budget deficits. To better manage your company’s cash, following these 3 simple tips might help:
Store all your receipts
Make it a habit to ask for a receipt for every single purchase made using the company’s money. Store the receipts in one place for documentation purposes. These are needed when your auditor would ask for these documents.
Access to petty cash should be exclusive
Assign access to your petty cash exclusively to one or two people. This will ensure there’s accountability for this matter.
Set a limit to your petty cash
Determine how much exactly you’re going to allocate for unexpected expenses. This will help your company’s cash flow, reducing the likelihood of deficits and other financial losses. This is also a sign that you’ve anticipated for these expenses and are not fully unaware that such incidental costs would happen.
Where to Access Petty Cash?
If you haven’t found a provider yet, just contact our agents here Loansolutions PH to know more about petty cash. We can help you decide how much to loan. Besides, we are the country’s largest group of lenders and we can match you up with one of our partner lenders who can give you the amount you want. To get started, visit our site, loansolutions.ph, and follow our 3-Step Online Application process to submit your requirements and credentials. Our agents will then evaluate your documents and facilitate your application. Just keep in touch by sending us an email or using the Check Loan Status tool available onsite.
