We’ve all heard the saying that “cash is king.” Well, there is an obvious reason the saying exists, as cash is the most important asset to any business. No business can survive without it. Safeguarding cash accounts is a necessary step for all businesses, and even non-profit and public organizations. The following are some helpful tips on how to protect your organization’s cash:
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Endorse all check “for deposit only” immediately upon receipt
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Prepare a daily list of all checks and cash received, and record them immediately upon receipt
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Make duplicate copies of all checks and deposit slips, and file all physical copies
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Make certain that the person responsible for collecting cash and checks is separate from the person recording collections
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Implement a policy of having all cash and checks received, counted, and verified by two employees
Cash is, indeed, king when it comes to running a successful business or other organization. At Rainey Accounting, our mission is to partner with businesses, non-profit organizations, and public institutions, providing peace of mind and assurance in cash management so they can concentrate on daily operations and future plans. Contact Rainey Accounting today for a free consultation.
