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Petty Cash and the Imprest System

Petty cash involves expending small amounts of cash for small owed amounts where it would not be prudent to write a check. For such a small amount, the added cost and inconvenience of writing and cashing a check would not be preferred. Petty cash is involved in payments such as small amounts of office supplies, […]

Internal Control

Internal control refers to controlling risk within a business and developing standardized procedures for all objectives. This is achieved by optimizing efficiency, accurately reporting finances, and complying with internal and external policies and regulations. All of this is conducted to ensure that a business’s assets are protected from potential fraud. Internal controls are present at […]

Cash Flow Forecasting

Cash flow forecasting is performed to avoid future insolvency for a business. Managing cash flow is a vital task for a business, as doing so poorly can lead to a business shutting down permanently. No matter how much profit passes through a company, it must be handled correctly for the company to be successful. So, […]

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