what are the two main advantages of the petty cash system?
152747
The main advantages are: Reduction in numbers of transactions: Many expenses of small nature recorded in petty cash book, the number of transactions is reduced in the cash. Reduction of errors: As head cashier check the accounts of previous month and gives advance for the coming month, does, errors if any are reduced.
638456
['Advantage #1: A flexible schedule – both in terms of when and where you work. ... ', "Advantage #3: It's exciting and fulfilling. ... ", 'Advantage #4: The salary makes sense. ... ', 'Disadvantage #1: You wear a lot of hats. ... ', 'Disadvantage #2: You are always at work.']
1265406
The best place to cash a check is your personal bank or credit union. Free check cashing may be one of your account benefits. By visiting your local branch, you could have instant access to your cash.
1186794
Cash makes it easier to budget and stick to it. When you pay with the cash you've budgeted for purchases, it's easier to track exactly how you're spending your money. It's also an eye opener and keeps you in reality as to how much cash is going out vs. coming in from week to week or month to month.
1116999
Petty cash is a current asset and should be listed as a debit on the company balance sheet. ... When petty cash is used for business expenses, the appropriate expense account -- such as office supplies or employee reimbursement -- should be expensed.
920375
['Advantage #1: Savings on some expenses. ... ', 'Disadvantage #1: Unstable income. ... ', 'Advantage #2: A more flexible schedule. ... ', 'Disdvantage #2: Difficulty picking up work. ... ', 'Advantage #3: The end of the rush hour. ... ', 'Disadvantage #3: Isolation. ... ', 'Advantage #4: The freedom to choose your assignments. ... ', 'Disadvantage #4: The loss of a client.']
150090
['Advantage: Cheap manpower. ... ', 'Advantage: Scalability. ... ', 'Advantage: Access to raw materials. ... ', 'Advantage: Access to distinctive skills. ... ', 'Advantage: Increase in productivity. ... ', 'Disadvantage: Quality problems.']
670538
Benefits. Great in emergency situations where you need to pay immediately. Money clears within 60 minutes, instead of two days.
1215935
Petty cash is a current asset and should be listed as a debit on the company balance sheet. To initially fund a petty cash account, the accountant should write a check made out to "Petty Cash" for the desired amount of cash to keep on hand and then cash the check at the company's bank.
177706
['better brand recognition.', 'positive business reputation.', 'increased sales and customer loyalty.', 'operational costs savings.', 'better financial performance.', 'greater ability to attract talent and retain staff.', 'organisational growth.', 'easier access to capital.']
1137448
No cash handling fees from the bank, and no trips to the bank to pay it in. Quicker transactions, better for the retailer and the customer, shorter queues. Better marketing opportunities by collecting customer data for future use. The average spend tends to increase when cards or contactless are used.
1095116
One of the main advantages of this payment method is convenience. With electronic cheques, you simply send invoices via their email accounts and they pay you directly from their computers or mobile devices. This means that customers and clients can settle up with you from anywhere and at any time.
1055855
ATM Deposit Money Depositing cheques and cash at a BMO ATM is easier than ever and envelope-free.
744949
The objectives of cash management are straightforward – maximise liquidity and control cash flows and maximise the value of funds while minimising the cost of funds. The strategies for meeting such objectives include varying degrees of long-term planning requirements.
986339
The benefits of Demat account are as follows: Easy and convenient way to hold securities. Safer than paper-shares (earlier risks associated with physical certificates such as bad delivery, fake securities, delays, thefts etc. are mostly eliminated)
1468516
['Your Money Earns Money. When you invest money, either by purchasing stocks or shares of a company or by buying mutual funds, your money ends up earning its own income. ... ', 'Reduced Taxes. Another advantage of investing your money is that it gives you a chance to reduce your taxable income. ... ', "You Don't Need Much to Get Started."]
1250072
An imprest system of petty cash means that the general ledger account Petty Cash will remain dormant at a constant amount. ... In other words, the general ledger account Petty Cash is not involved in the replenishment. (Replenishment means getting the total of the currency and coins back to the imprest amount.)