Paying for those expenses using cash would be much more straightforward than using a credit card or writing a check. As a result, the fund size will largely depend on the company and vary by each department (though it would usually be between US$100 and US$500). A third person can then be assigned the task of reconciling the petty cash fund, ensuring that the recorded transactions align with the actual cash on hand. Now, let’s discuss the importance of implementing…
