Cash Control means monitoring and managing credit and cash allocation, collection policies, and disbursement policies, the invoicing cycle and the accounts payable policies. Cash control procedures for the receipt of cash help a business omit loss due to employee cheating and accounting errors. The visible controls are intended to limit access to cash to specified staff and verify that all refunds, receipts or transfers are reported correctly and on time.
Cash Control is an essential part of corporation as it is required for proper monitoring, cash management and recording of cash flow and analysing finance balance.
According to a private survey, the average salary for an accountant in the UK is £62,042 a year. This figure accounted for wages from the part-qualified level up to senior managers and partners.
Qualifications to become a cash controller include a bachelor's degree in accounting, finance, or business administration It is essential for a cash controller to must stay up to date on current accounting software, have computer skills, and must understand cash control planning and procedures. Corporates that take in significant amounts of cash are vulnerable to theft, fraud and robberies. Companies establish systems of internal controls to minimize the risk of such incidents. The inherent vulnerability of money and negotiable instruments such as checks and credit cards require healthy internal controls. Therefore the responsibility of a cash controller becomes significant in avoiding any backlash to the assets of any company or firm.
In the field of Finance, Management and Accounts, a well-trained and skillful controller can pave his way up to the higher levels. Get Accounting Training is the UK’s top lead accounts training provider who can enable an individual to reach higher levels of their career.
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