Posted on 25th April 2019 at 14:53
Research by Argos for Business says that errors in managing petty cash could be costing small businesses in the UK an average of £355 a year. With over five million businesses across the country that could amount to almost £1.8billion.
Lost receipts and complicated processes are the biggest problems. More than one in 10 (15%) of those surveyed said that they didn’t know how their employers keep track of petty cash.
Petty cash is often used for the wrong things too. For example, the research showed that some businesses used petty cash to buy assets – even a used ice cream van in one example. Petty cash should only be used for small, occasional costs such as refreshments or parking fees.