Business

Business Tips & Info

Cash & Cash Equivalents



Cash and cash equivalents, is the term used in the context of payments and payments transactions. It refers to currency, coins, money orders, paper checks, and stored value products such as gift certificates and gift cards.

ADVANTAGES:

The most straightforward transaction and business receives immediate value.

It is still very common transaction and many people like cash and feel comfortable paying with cash.

DISADVANTAGES:

It has to be sorted, counted and taken to the bank daily, and that it is time-consuming process.

Security risks are present (robbery, counterfeit, shortages resulting from employee errors).

It is expensive, because banks charge to handle cash.

Tips to Avoid Risk of Robbery:

Keep only small amounts of cash on hand.

Deposit cash daily.

If you have large amounts of cash, make more deposits daily.

Never hold cash overnight, use night deposit services.

NOTE: Business owners rarely pay suppliers in cash, but there may be occasions when you pay cash for something. If you pay cash for something, obtain a receipt or you won't be able to claim that expense.

The Power of Appreciation

Team work is the best tool for any business. Show some appreciation to your workers. Employee appreciation and personal thanks, whether in a small business or large corporation works magic. Every employee wants acknowledgment and personal appreciation, which is also the best way to keep them more productive, engaged, loyal and eager to contribute. Employee recognition is a powerful tool to create culture of engagement, so don't forget to offer personal thanks to your older team members. For people new in the business, experienced and older team members can provide support and guide every step of the way, if they are motivated.



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Did You Know?

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For business people either selling products or promoting their services on the Internet, the importance of attractive, fast, usable sites can't be overstressed. Much like a counter person or storefront, the appearance and function of a business' website conveys an image of the company to the customer.

Your website is your image on the Internet. That image can either be good or bad, and bad images don't sell. Adhering to a few common sense web design rules can help with the public's perception of your company and increase your sales. Find out more...