You have to separate company money from your personal money. The easiest way is to open a company account. And get a company credit card. Then you will know if you withdraw company money for personal use.
Never put cash received into the petty cash box. Or in your purse. It will lead to error and confusion in the accounting records. All money coming into the company must be paid into the bank promptly and entered into the record.
If you have a shop the money must be entered into the cash register as soon
as you receive it.
Money not registered is "burning in the hands of the beholder".
Giving a receipt protects the person receiving the money. S/he has documentation. It also assures the person handing over the money that it is properly accounted for. Receipts should come from a numbered receipt book and written in ink.
Sometimes it is not possible. For instance when purchasing materials from the market. In this case the amount should be noted down straight away. Then it can be remembered when coming home. Remember when no receipts there is there are no proof that a purchase was made.
Having surplus money laying around the office is a temptation for thieves. A casual approach to cash on the premises might also make people ´borrow´ from it.
Every attempt should be made to pay cash into the bank every day or at least every third day.
To protect those who are handling money, there should always be two persons present when opening cash collection boxes, pay phones and other boxes with uncounted cash. Both should count the cash and sign the receipt.
Restrict access to petty cash and safe to as few people as possible.
Petty cash should only be used as payment when all other methods are inappropriate. Whenever possible use cheque or electronic bank transfers to pay bills. The advantage of this is that it produces a parallel set of accounts. It will show when you receive the bank statement.
It also minimises unauthorised staff to make payments. It reduces theft and fraud
Whatever you can do or dream you can. Boldness has genius, power and magic in it.
- Johan Wolfgang von Goethe