Being an HR is all about juggling several hats! You are the problem-solver, the finance controller, the decision-maker, the payroll officer, and at times, all of it. Hence, you must be aware of intelligent Investment strategies to take care of the overhead expenses.
However, human resource software solutions are making it way easier. Yet, a truckload of different kinds of tasks can get on the nerves. Have you ever found it challenging to settle on investments for workplace management?
Then, catch this blog further to understand what’s imperative for a workplace and what expenses can be postponed or avoided.
By the end of the blog, you will get an insight into the following aspects:
- What is Petty Cash?
- Importance of using Petty Cash Mindfully
- Tips for intelligent investment management
What is Petty Cash?
As the name suggests, Petty cash is meant for all little expenditures at the workplace that are done using cash. It is the kind of fund that helps reimburse all little expenses employees do on behalf of the business.
HRs mostly monitor and manage petty cash usage for the right reasons. However, most of the time, HRs face difficulty in deciding on the expenditure. Businesses mostly keep a close eye on these small expenses and do not choose to lose visibility on every penny spent on the resources.
- The fund is meant for expenses that are too small to write a cheque for
- Petty cash is used for expenses like little celebrations at the workplace, office supplies, flowers, reimbursing employees for small expenses, tea, and coffee for employees, etc.
- Petty cash is quick and convenient to use but is vulnerable to theft and misuse.
Importance of using Petty Cash Mindfully
The petty cash utilization might circumvent certain parts of finance controls. The availability of such funds does not imply that they can be used readily. The fund’s custodian is mostly an HR, who monitors its flow and usage and takes on the responsibility of using it valuably.
- Proper usage of petty cash can make a huge difference in the financial control of the organization
- It incorporates discipline in an organization regarding the usage of a fund
Tips for intelligent investment management
In the end, HRs must know the apt way of using petty cash yet keep an eye on controlling the flow of the fund readily at the drop of a hat. Here are a few tips to help you decide the right occasions to spend your petty cash.
- Never compromise on employee engagement on special days. Celebrate those little occasions because they boost the employee’s zeal, which is a priceless ROI.
- Observe birthdays, and spend on the basic requirements like tea, coffee, etc. These are the fuel on which the workforce runs seamlessly.
- Keep records of reimbursement and maintain proof of those expenses so that you don’t overlook those little flows of funds.
After all, keeping an eye is all that makes a difference!