AP Now Episode 30: Mary Schaeffer Discusses the Problems with Petty Cash

Using four real-life examples Mary Schaeffer points out the problems that can occur when an organization insists on having a petty cash box. Starting with a tale of IOUs in the petty cash box, an unfortunate occurrence she moves onto to discuss questionable reimbursements out of the petty cash box.

The cashing of personal checks, some post-dated, and people using the petty cash box to fund shortfalls in personal cash are two last issues discussed.

She closes with some recommended best practices to eliminate petty cash and what to do if your organization insists on having one.

 

Host: Mary Schaeffer (https://www.ap-now.com/)

Guest: Peter Taylor, Controller Purple (https://purple.com/)

Sponsor: Stampli (https://www.stampli.com/apnow/)

Credit: Music: https://www.purple-planet.com