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Episode 64 of 64

Ep. 64: 5 Ways to Handle Petty Cash Transactions in the Cannabis Industry

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station description The DOPE CFO Cannabis Accounting Podcast discusses the ins and outs of cannabis/cbd... read more
The Cannabis Accounting Podcast by DOPE CFO
Duration: 16:58
Proper cash and company credit card management is essential for clean books, but it can be difficult to organize your clients’ many transactions.

The lack of banking services available to Cannabis businesses means the companies’ bills are often paid in cash. Even companies that have access to credi
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Proper cash and company credit card management is essential for clean books, but it can be difficult to organize your clients’ many transactions.

The lack of banking services available to Cannabis businesses means the companies’ bills are often paid in cash. Even companies that have access to credit cards do not always have the flexibility and benefits of normal purchasing cards or separate employee accounts.

Because of this, some employees within a company will share one company credit card, or an employee will make purchases with a coworker’s account. Limited transparency regarding who made each cash or credit card purchase is a security risk, wastes valuable time, and could lead to accounting errors -- which can hinder operations and compromise compliance.

On this episode of the DOPE CFO podcast, your host Andrew Hunzicker, CPA will offer “5 Ways to Handle Petty Cash Transactions in the Cannabis Industry,” including:

💳 Build an expense limit and approval system: require purchase orders/approval on charges over a set amount (we’ll help you determine what that figure should be based on the size of your client’s company and the number of transactions).
💳 Select a dependable employee to manage petty cash/company card expenses: designate one person to monitor, track, and record the purchases, who has NO access to the accounting system or bank records (we’ll explain how consistent and detailed monitoring of transactions can ensure the appropriate use of funds).
💳 Count cash daily: physically count cash and review credit card purchases each day, and reconcile all expenses to actual receipts (we’ll cover the importance of separating responsibilities, so there are checks and balances across personnel to guarantee compliance).
💳 Establish petty cash vouchers: if employees are using company cards or spending company cash, set up a receipt system that requires detailed descriptions of each and every purchase (we’ll discuss how to tie out this documentation in your permanent audit trail, so you avoid potential accounting errors).

Listen in today to learn how best to monitor and report cash and credit card transactions, so your clients maintain up-to-date and accurate financials.

Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.

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