Although electronic payment systems are popular, cash still plays a part in many business transactions.
How to track your cash transactions:
- Reconcile sales at the end of each day – this will help you identify any discrepancies quickly.
- If you use cash for business purchases, keep receipts and record it, or your accounts won’t balance.
- When paying invoices using your business’ cash, ensure you make note of it – cross-reference your payment details with the relevant invoice numbers.
- Don’t use business money to pay for personal purchases.
These may be little things, but they’ll help make managing your cash payments much easier.