Your customers are going cashless. It’s time for your staff to as well. Forget petty cash – it’s a thing of the past.
What does the rise of cashless payments mean for petty cash we usually give to staff for day-to-day supplies? Retailers like Matalan and London Grace are reassessing the age-old process of giving staff physical cash for expenses.
The problems with petty cash:
- Keeping track of who has taken money, how much, and what they’ve spent it on is a constant challenge
- It generates tons of paperwork
- Because it’s primarily a manual process, there’s no way of knowing for sure whether an expense is legitimate. Somebody might even pocket a little extra, and you’d be none the wiser
- In the current climate, it’s increasingly impractical
Petty cash alternatives for retailers include a trend towards spend management solutions like pre-paid cards. If retail staff can use pre-paid cards the need for petty cash at all is removed.
Read the full post on petty cash alternatives for retail staff here: www.soldo.com/retail-petty-cash
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