The hidden economy offers the facility to offer a discount for cash and this may involve the sale not being recorded officially or anywhere. This deception causes a lot of of problems for the customer, for the salesperson and for the company delivering the product or service. While this method of not recording a sale is illegal, it places the salesperson in a very difficult position because they are receiving cash and who can confirm how much? A cash receipt book, printed and customized, records the necessary information and ensures that the process remains transparent
Placing the Employee Under Scrutiny
Being unable to prove the amount of cash changing hands put the employee under constant scrutiny and provides them with a temptation to retain some of the cash and pass the rest on to their company.
A small cost to the business of printing cash receipt books will take away the element of worry about personal involvement, but provides a guarantee that the work was carried out.
Developing A Cash Process
Where the details are not confirmed in writing, there will always be an element of question and query about the amount of cash received by one individual. The other individual that paid the money has no proof of the transaction, but may nevertheless, be content with the level of service received.
A cash receipt book should be mandatory for all sales of products and services so that whatever discount is offered, the real deal that was struck is officially recorded.
Employees should not be placed in the circumstances where a product or service is being exchanged for cash, specifically at a discount to avoid recording the deal.
Perfect Invoicing Systems
There are circumstances which are completely legitimate, where your company issues an invoice and the customer decides to pay in cash. To ensure that the cash amount is proved by the person receiving the money, clarified to the customer and easily verified by your finance department, a cash receipt book records the necessary information and the cash can be processed with whatever format the company insists upon.