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Why is petty cash so problematic?
Petty cash has significant security risks
So why move on from a physical petty cash box? There are many reasons, but the most pressing is the security risks associated with it. It is all too easy for a thief to take money from the petty cash box, or steal the box itself. Depending on how much money you keep there, it could be quite a blow to your ability to provide employee incentives such as that Friday team breakfast paid for from the petty cash box.
It’s hard to keep track of petty cash
Another reason to trade in the old petty cash box is that it is very difficult to keep an accurate record of the incoming and outgoing cash, and what each withdrawal is for. Keeping on top of this requires a high level of detail, but is often nobody’s official “job”, which results in wasted employee time and often inaccurate accounts.
Okay, petty cash is dead. What’s the alternative?
There is a way to move on from the petty cash box seamlessly, while still providing employees with a way to use company money for those small expenses. A prepaid virtual card is a perfect way to create an easily traceable and audible “petty cash” account that is entirely based on a digital card.
Why are virtual (digital) cards better?
A prepaid digital card is a far more secure way to provide employee incentives. Since the money is all loaded onto a card, it is not easy pickings for thieves; it is both harder to steal and easier to keep safe. It can simply be kept in a secure place by a team leader, or in a locked drawer, but it is not as bulky and visible as a traditional petty cash box.
Your card will allow you to load money on quickly and easily so that you can provide employees with the convenience that they want without having to count every penny when they pay for a working lunch.
Ready to move on and ditch the petty cash box of yesterday? Replace it with prepaid cards for your business payments and enjoy headache-free accounting, improved security, and simplified payments.