Petty cash? Petty what?

I was planning to write a post on "What is money, after all?", the point being that we don't actually deal with cash any more, just numbers and yet many of us still let these numbers rule our lives.

Then it occured to me that despite what I was about to write, I do carry a few thousand rands in cash most of the time. I need it for parking (maybe R20 would be enough for that) and topping up the petty cash at the office because we don't want our driver to have to go and draw cash from the bank - if anyone must take the risk it must be me.

And then it struck me. So why do we need petty cash?

Come on, Derek, have you never heard of credit cards? Isn't this the Dead Plant Syndrome all over again? "Well, we've always done it like that!"

How can I be so stupid, that I can write the Dead Plant post and still use petty cash because we've always used petty cash? So we're going to get a credit card for our driver. We'll keep it short of its limit by about R2 000. No more risk at the ATM, no more risk of carrying the cash around with me or her or leaving it at the office in the petty cash box.

The rest of the controls (the Imprest Petty Cash System) will still work as before. 

Should you wish to make an appointment, please feel free to visit Derek's diary and book a time that suits you.

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South African Institute of Chartered Accountants. Designation CA(SA)  Internationally Accredited Financial MediatorsIndependent Regulatory Board for Auditors. Designation RA<Engineering Council of South Africa. Designation Pr(Eng) Member of MENSA, the High IQ Society




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