Keeping Track Of Your Cash Purchases
Electronic payment systems are a popular way to pay for almost anything these days, but cash still plays a huge part in many business transactions. If you’re having trouble keeping track of your cash purchases, have a read of the tips below.
Here are a few ways to track your cash purchases:
Reconcile sales at the end of each day – this will help you identify any discrepancies quickly. The last thing you want to do is waste time trying to chase up where money may have gone. And lets face if, you’re running a business and you’re busy so chances are you have forgotten what you even wore yesterday.
Record Record Record!! – If you use cash for business purchases, keep receipts and record it, or your accounts won’t balance. Having a proof of a transaction helps keep everything accounted for. This will save you time and money – especially at TAX time.
Cross Reference – When paying invoices using your business’ cash, ensure you make note of it. Cross-reference your payment details with the relevant invoice numbers. This way once again everything is accounted for and has its place.
Separate personal and business – Don’t use business money to pay for personal purchases. Things get messy this way. It is best to keep everything 100% separate
They seem simple right? Well they are, and they’ll help make managing your cash payments much easier.
Do you have any other tips for managing your cash?