A cup of coffee, a quick supply run while on site at a project, a thank you lunch for your team - all paid for out of your petty cash stash. It seems much easier to simply use cash for those small expenses, however, petty cash is fraught with problems that can wreak havoc at your organization.
Your employees need petty cash to make necessary outside purchases, but it is not a simple process to gain access to the actual cash. Employees have to request the cash, usually by filling out a form. They have to keep it separate from their own cash, and make sure their business and personal expenses don’t intermingle. After making the purchase, they need to get change and a receipt, and hold on to both until they can fill out an expense report. This process has plenty of room for error.
Keeping cash around in a business always comes with a high degree of risk. Petty cash logs need to be maintained by someone, and usually while that cash is supposed to be “petty” — used in small amounts, the more petty cash transactions you have outside the office, the less petty — and less manageable — it gets. Managers may have trouble controlling how petty cash is spent leading to overspending or misappropriation of funds.
Accounting with cash
Your finance department is kept busy with tracking and matching receipts for all the cash transactions while also budgets now have a cash drain since more than projected was used in order to cover expenses in the field. As your business scales up, these problems only grow more pronounced.
A Better Solution for Petty Cash
Eliminate the burden of cash with a simple prepaid business card. PEX prepaid cards offers each employee spending freedom, yet managers can control every cent that gets spent by specifying maximum expense amounts, types of acceptable expenses, and acceptable places to spend.
Gain control of your budgets and expenses by funding cards by individual employee functions, customers, locations, or even by time of day. DATABASICS has partnered with PEX, which can track expense information for each employee and allocate new funds 24/7, wherever they are in the field.
With one simple change, you can get unprecedented control over your expenses, eliminating the inefficiencies, and sharply reducing mistakes and fraudulent spending while relieving your employees of annoying paperwork and burdensome manual procedures.
DATABASICS is driven to meet the most demanding time and expense management challenges for organizations throughout the world with a combination of deep expertise, next-gen technology and a focus on the unique needs of each customer. Powered by decades of experience, DATABASICS is in the business of solving time and expense problems with solutions that are the right choice for today and easily adapt to the uncertainties of tomorrow. Time and expense are better together, which is why DATABASICS addresses these two critical business processes with absolute ease in one solution.