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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… View Article

RETAIL SOLUTIONS

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:

  1. Keeping track of who has taken money, how much, and what they’ve spent it on is a constant challenge
  2. It generates tons of paperwork
  3. 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
  4. 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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