What practices should be implemented to handle cash management?

Implementing regular cash counts and secure storage procedures is critical for effective cash management. Regular cash counts help ensure that the physical cash on hand matches the records, thereby providing assurance that funds are being managed properly. This practice allows any discrepancies to be identified and addressed promptly, reducing the risk of theft or errors. Secure storage procedures are equally important as they safeguard cash from unauthorized access, minimizing the risk of loss.

By establishing these practices, a business can maintain transparency in its cash handling processes, instill trust among employees and stakeholders, and ensure compliance with financial regulations. Regular oversight supports better financial control and helps create a culture of accountability within the team.