Cash is most frequently used for low-value purchases. Accepting cash payments is relatively simple and cheap to set up. Show
It is important to have cash handling procedures in place for security, record-keeping and cashflow management. Basics of cash handlingIn order to accept cash in your business, you will need to have a till with a 'float'. This is a certain amount of cash that you begin with so you can give customers change. Most business also have an electronic system for recording sales throughout the day. You should be able to issue receipts to customers. At the end of the day or shift, the till should be 'cashed up'. This involves counting the cash from the till and recording it. The amount of money taken should be compared to the sales recorded. Human error can lead to discrepancies (eg wrong change given). It is important that your staff are trainedin secure, accurate cash handling. Managing cash securelyThere are certain steps you can take to reduce the risk of cash related crime in your business. Consider these best practice steps:
See business security: cash. Recording cash salesIt's important to keep a record of cash sales for tax reasons and in order to manage your cashflow. You are required by law to keep certain financial records, including a cash sales book. This a central record of your business cashflow. For more information, including templates and examples, see cash sales and purchases/expenses books. It's advisable to keep petty cash separate from money in the till. You should pay staff directly into their back account rather than from the till. You should consider using a point-of-sale system to help you record your cash sales.
What precaution should be taken when accepting a credit card for payment by a patient?What precaution should be taken when accepting a credit card payment by a patient? The name on the card should be the name of the individual presenting the card.
What control problems may occur when employees accept cash for a sale?What control problems may occur whne employees accept cash for a sale? They may be tempted to steal.
How would you display sensitivity when requesting a payment for services rendered?Displaying Sensitivity When Requesting Payment. Don't be embarrassed when asking for payment.. Use tact, be courteous & show a sincere desire to help the patient with financial problems.. What is the first step in posting a payment to a patient's account?The first step, collect patient and insurance info. Our Benefits Authorization process gets medical services authorized (pre-authorization or prior authorization) from the insurance payers. Without an authorization, the insurance payer is free to refuse the payment.
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