What is Petty Cash in accountancy?

<a href="https://accountinglads.com/petty-cash/">what is petty cash</a>? Petty Cash is a small amount of money that is typically set aside in the field of accounting to allow making of small business expenditures that do not involve writing a check or electronic payment. It makes it easy to make purchases such as purchasing supplies, pay delivery charges or settle minor staff bills. The fund is managed by a petty cashier, where there are strict procedures of recording and replenishing so as to ensure that there is precision and misuse should not occur. There should also be a receipt or voucher of every transaction. The petty cash also improves operational efficiency as it has the benefit of making the day-to-day needs quick and at the same time without any financial compromise due to the control and documentation of the cash in the bank.

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