If you’re an owner or a controller of multiple retail outlets or branch offices, you know how challenging it is to manage petty cash across multiple locations.
From outlets running out of cash to not knowing how funds are being used, petty cash issues are not at all ‘petty’.
Here are 3 common petty cash problems that cripple every retail-chain operator
1. Employees stealing cash
45% of leakage in retail outlets is due to employee theft of cash, according to a retail industry report.
- Do you worry about the safety of the cash you allocate to your outlets?
- Do you have a real-time view of where and how your outlet staff is using the funds?
Without real-time visibility, it is difficult for petty cash controllers to ensure that the funds allocated to each outlet are appropriately used.
Since petty cash bills and vouchers are typically submitted by branch employees at the end of the month, cash misuse cannot be proactively controlled.
2. Outlets running short of cash
Lack of visibility also makes it difficult for petty cash controllers to determine the optimal amount of cash to be distributed to each outlet.
Since the level of expenses at each location cannot be monitored in real-time, the quantum of cash allocated is either insufficient or in excess to the cash that is actually required by each outlet.
3. Physical distribution of cash to outlets
In most retail-chain outlets, an executive from the head office physically visits each outlet to distribute cash.
This process is cumbersome and time-consuming. Physical cash is prone to theft, loss or damage.
Also, with this mode of distribution, meeting unexpected and unplanned cash requests in a timely manner is almost impossible.
Are you struggling with petty cash at your chain outlets?
Don’t worry.
Presenting Happay’s Imprest Manager – a cloud based software that helps you manage petty cash across multiple outlets with ease.
Given below is an infographic on how Happay works and how much a multi-branch office or outlet operator dealing with petty cash can gain from it.
Interested in exploring Happay’s Petty Cash Solution for your retail outlets?
Sign up for a demo here.