Most businesses have several payment methods and cash is one of them.
It’s okay to operate several payment methods because it enables your customers to have various payment options.
However, once cash is involved ensure it gets banked the same day or latest first thing the following morning.
This is to avoid it being stolen or used wrongly.
Last week, an ugly incident happened with a small business around my office.
A customer made a purchase and paid with cash.
The sales representative didn’t bank the cash and didn’t record it. But he kept the cash in the drawer.
Usually, the business owner doesn’t come early enough, so it was an avenue for the sales representative to pocket the cash.
The saving grace is that the owner does a weekly on-the-spot stock count.
So she was able to pick the discrepancy out.
And the sales representative was made to provide the money and got sacked immediately.
Imagine the owner didn’t take it upon herself to do weekly stock counts and reconciliation!
That’s how the money would’ve gone.
Please always mandate your employee(s) to go pay in cash obtained from sales to the company bank account the same day or latest first thing the following morning and present the teller to you.
I hope you will take action today to make sure that the cash from sales is banked.