Why are cash controls so important for an organization?
Cash is the one asset that is readily convertible into any other type of asset.
It’s also the asset that is the easiest to steal. It can be tempting for employees to misuse cash.
Three key rules are important when managing cash:
1.Record cash immediately when it is received.
2.Protect physical cash and bank accounts.
3.Make regular bank deposits to reduce the amount of physical cash on site.
Qs: We’ve discussed this a number of times over the past few days – why are cash controls so important?