Cash is the lifeblood of any business, whether it’s a multi-billion dollar empire or a tiny independent company. Refer to these handy bullets when delegating the handling of cash within your business to ensure a fail-safe system of cash-flow:
Separate cash handlers. Be sure that the person who accepts cash isn’t also recording the transaction.
Separate authorisation responsibilities. Be sure that the person who authorizes a payment isn’t also signing the cheque or dispersing the cash.
Separate the duties of your bookkeeping function to ensure a good system of checks and balances. Don’t put too much trust in one person – unless it’s yourself.
Separate operational responsibility (actual day-to-day transactions) from record-keeping responsibility (entering transactions in the books).
Start out each month with a cash flow projection and then track performance.
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Source:http://www.dummies.com/how-to/content/how-to-keep-tabs-on-your-business-cash.html
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