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 Institute Adequate Security Measures

A lot can happen to your cash receipts as they move from your customers’ wallets to your company’s bank account.

Most companies reconcile cash accounts on a regular basis, but that may not be enough to protect you from losses. Here are three additional security measures:

 Cash sales should be made only by employees who are bonded, trained, and specifically assigned to the task. Arrange your staff’s work schedules in a way that you’re never short-handed at the counter or cash register. That way, it won't be necessary for the wrong employee — say, a clerk from another department — to “fill in” for cashiers who are away from their posts.

  Adopt a firm policy against accepting third-party checks, even if the customer has proper identification. If you’re a supplier, you might want to limit the dollar amount of single-signature checks. And if you provide service at customers’ homes, consider billing your clientèle — or accepting credit cards — rather than allowing employees to collect cash payments on the spot.

  Naturally, you want to account for cash receipts promptly and deposit them within one banking day. If you have multiple accounts, be sure each one serves a useful purpose. The more bank accounts you have, the less efficient it is to track and reconcile deposits.

Virtualex.com Ronald J. Cappuccio, J.D., LL.M.(Tax) 1800 Chapel Avenue West Suite 128 Cherry Hill, NJ 08002 Phone:(856) 665-2121      Fax: (856) 665-9005 Email: ron@taxesq.com

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