Managing business finances is a herculean task in itself. Expense reporting is a crucial factor when it comes to expense management. The finance team and auditors need to audit every single invoice and keep track of multiple payments.
Now, bring into this picture – petty cash. Cash that is allocated within office premises for managing petty expenses ranging from office supplies, celebrations, farewell gifts, etc. Petty cash is also a factor in employee travel expenses. The amount is usually too small that it becomes difficult for the business to maintain each and every receipt for accounting purposes.