petty cash

Small Businesses Losing Money Due to Inefficient Petty Cash Systems

Small Businesses Losing Money Due to Inefficient Petty Cash Systems

On average, UK small businesses lose £355 a year due to insufficient petty cash systems, with 43% admitting that the biggest barrier to effectively monitoring petty cashflow was misplaced receipts. Worryingly the research, conducted by Argos for Business, found that 15% of employees did not know how the petty cash system worked at their small business employer, with 37% believing it was the responsibility of the finance department and 15% blaming line managers for misplaced cash. Complicated processes was the second biggest obstacle to the effective management of petty cash at 12%, and healthcare and retail were the largest sectors affected by the issue, with 17% and 12% respectively. Danny Clenaghan, managing director at Argos for Business, said: “While petty cash is often considered a sm... »