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Eliminating Petty Cash

Author: 
Toronto Condo News
Publication date:
April 24, 2020
Article Summary: 

The article discusses the process of eliminating petty cash in condominium corporations, highlighting the challenges associated with it and the benefits of transitioning to digital payment methods. It explains how petty cash is often misused, leading to accounting errors and the potential for fraud. The article suggests that transitioning to digital payment methods can help eliminate these issues and streamline the payment process. It also provides recommendations for implementing digital payment methods, including setting up bank accounts and establishing clear guidelines and protocols for how payments are processed. Overall, the article emphasizes the importance of proper financial management in condominium corporations and the benefits of modernizing payment processes.

Keywords: 

petty cash, digital payment methods, accounting errors, fraud, financial management, condominium corporations, payment processes, bank accounts, guidelines, protocols.

Source Citation: 
Toronto Condo News
Eliminating Petty Cash
April 24, 2020
https://tocondonews.com/archives/eliminating-petty-cash/
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