Petty Cash Alternative

[NHAccountant]

Hi

We have offices the length and breadth of the country, each one has it's own petty cash fund. When the funds need replenishing, we do so by transferring a specific amount to a cash bank account, the relevant administrator can then go and with draw the cash from an ATM. The problem here is that our bank will only allow 8 cards on the account, and these are fast being used up - the only way to extend the number of cards would be to open another account, this is a pain in itself and would be a hassle to administer (who has card for what account, extra recs etc.).

Has anyone have experience of managing remote petty cash in a more efficient way? I've read a little on Soldo and Pleo, does anyone have experience of these?

Thanks in advance

 

[WaveJumper]

Interesting this one you would think simple. When i worked for a rather large property fund we went through a whole range of schemes, from sending us cheques we had to cash which was a real pain, to credit cards in the end they gave up and just issued those of us who needed a petty cash fund a "float" in our personal bank account. I would just submit invoices on monthly basis and they would simply top my account back up.

Made me smile thinking about this when we parted company I seem to remember it was the first phone call I had from HR reminding me to send them the float back.

 

[NHAccountant]

We used to do cheques payavke to cash, but with banks disapperaing from the high street and ours not being a main stream one anyway put a stop to cheques.

Our petty cash can be a bit of a wild west, so we need something simple and controllable.

Thanks

 

[Newchodge]

We used to do cheques payavke to cash, but with banks disapperaing from the high street and ours not being a main stream one anyway put a stop to cheques.

Our petty cash can be a bit of a wild west, so we need something simple and controllable.

Thanks

2 things

Do you really need cash?

What about those pieces of plastic that can be loaded with money by different people?

 

[NHAccountant]

Unfortunately, we do need petty cash - it's something I'd like to remove, but needs must.

I'm looking into things along the "Go Henry" type cards, but I've not got any first-hand experience.

Thanks again

 

[MyAccountantOnline]

2 things

Do you really need cash?

What about those pieces of plastic that can be loaded with money by different people?

My thoughts too - cant really think of any office costs which have to be paid in cash.

 

[Paul Kelly ICHYB]

Get them to buy with their own cash and refund them on receipt/expense claim.

 

[Newchodge]

Get them to buy with their own cash and refund them on receipt/expense claim.

Assuming they have the willingness and enough spare cash to lend to their employer?

 

[MikeJ]

My thoughts too - cant really think of any office costs which have to be paid in cash.

I think most of our cash went on stamps, though that was reduced greatly as time went on. Some staff would make incidental purchases (tea/coffee/milk generally) and would take the money our of petty cash, rather than create an expenses report.

 

[UkAppCoder]

@NHAccountant. Couldn't you simply transfer money directly to the personal (or business) accounts of the administrators?

Any administrator could open another account if he/she didn't want to complicate their own records. I suppose this would be like the converse of Paul Kelly's idea where the money is transferred before it is spent.