Cash is the lifeblood of a business, and it is the easiest item to steal. It is necessary to take precautions against theft of cash at the point of receipt and disbursement.
Businesses need to adopt procedures that account for cash and identify the amount and source of each transaction. It is important that adequate physical safeguards exist for cash. Cash should never be in plain sight, but should be kept in a locked safe or drawer and only accessed by approved personnel.
Petty Cash in Business
The type of safeguard will depend on the situation and the amount of cash. A small petty cash box may be sufficient for a small amount. Petty cash is just that, a small amount of cash that is readily available for immediate needs.
The amount of petty cash will vary based on the business and area. An office may need a few hundred dollars for supplies or other quickly needed items. Often, the office pizza party will be funded out of petty cash and reimbursed.
The cash box should be locked when not in use. Ideally, there should be only one key, so that only one person is responsible for balancing and taking money out of the box.
The cash box should be placed in a locked desk or file cabinet for further security when the user leaves the area or overnight. The location of the box should be kept as secret as possible.
Cash Receipts at a Window
When dealing with larger amounts of cash receipts, physical separation with a window or other barrier is preferred.
Larger amounts of cash should be taken through the window and placed in a locked box or drawer especially designed for the purpose. The cash should be out of sight of the customer to reduce temptation.
The drawer or safe should be emptied at night, or even multiple times each day if possible and required by the amount of cash.
An even more secure method is to use a drop safe. This is a safe with a slot at the top. Deposits are dropped into the safe and can only be removed by a key or combination. Security is improved when the person manning the window does not have the key or combination. A separate person has to retrieve the deposits.
Cashier windows should have an alarm or panic button, usually under the desk, so that in an emergency, the alarm can be tripped easily and without the alerting the person at the window.
Securing Cash at the end of the Day
Employees who transport cash should be aware of their environments. They should vary their routines when leaving the building to reduce the chances of robbery.
When moving large amounts, employees should always be accompanied. Armed security guards should be considered if appropriate.
Providing safe environments and tools can protect the employees and resources of a business.
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