No matter what industry your business is in, it’s crucial to have a cash and coin system to help stay organized and improve your cash flow. Even if most of your customers use credit or debit cards, some will still use cash, and your business needs to be prepared.
When it comes to auditing cash and coins, though, things can get a bit tricky if you don’t have the right tools to help you organize and count. That’s where cash and coin systems for business come in handy.
Auditing Cash and Balancing The Cash Drawer
In order to audit cash and balance your cash drawer, there are a few steps to follow. Of course, having a cash and coin system in place makes this much easier, and the good news is that it isn’t that difficult to create a robust system for counting, tracking, and storing cash.
Set Up a Petty Cash Box
You need somewhere to store your cash and coins, so you’ll need a cash box. Most of them have locking abilities, so you can rest assured that your cash is safe. Once you have your cash box, it’s time to set it up and prepare it for the day.
To set up your cash box, decide on an amount of money to start your box with each day. Make sure that the box has enough of each coin and dollar bill for your first few transactions.
Make sure you keep a good log of all transactions in and out of the box. If you take $5 out to cover a business expense, write it down in a logbook, so you don’t wonder why you’re short $5 when it comes time to audit.
Auditing Your Cash Box
Now that you have a cash box and system in place, it will be easier to audit. To do this, find the stated balance (the amount that should be in the box based on your records), count and calculate the cash, account for and add in any vouchers, and then look into discrepancies.
If you keep good track of your cash flow and take the time to fill out a voucher or a logbook every time you withdraw money from the cash box, auditing will go a lot easier. You’ll have paper copies to refer to for why there may be less cash in the box than expected. If you added money to the box and logged it, it can account for any excess you count.
Cash and Coin Systems Are a Great Way to Help Audit
Since auditing is all about counting your money and ensuring everything is as it should be, it’s easy to see how cash and coin systems make auditing easier. Here are a few other ways cash and coin systems can help your business with everyday transactions:
Being organized is key to helping your business transactions move smoothly and ensuring high-quality customer service. No more fumbling for coins or searching for the right bill.
With a system in place, you won’t spend your time searching for loose change and rummaging around for the right bills and coins. When it comes time to audit, all your cash and coins will be in one easy place instead of scattered around.
Cash and coin systems make keeping detailed records easier, which, in turn, makes auditing a breeze. You know how much should be in your cash box, and if the numbers don’t align, you can check the records for where the discrepancy may lie. Without a robust system, it will be challenging to keep track of all the cash coming and going out of the business. This will make it easier for discrepancies to slip through and even for theft.
Cash and coin systems are one of the best organizational tools for businesses of all sizes. No matter how many customers you serve each day, having an organized way to count and audit cash will make transactions easier and your business records clearer.