Description

SOP setting the reconciliation process for the petty cash balances, cash floats to the actual cash holdings and the nominal ledger.

The standard operating procedures are the documents in which a business sets out its systems, processes, procedures, and controls (SPPC’s). The value of fully documented SPPC’s is: –

·      Staff and management achieve a greater level of efficiency.
·      Increased level of consistency in the business.
·      Give the business the ability to scale more quickly.
·      Staff and management are clear on what is expected of each of them.
·      Achieves control without micromanaging.
·      Creates clarity and control over the business assets.
·      Clear lines of communication for business improvements through amendments of SPPC’s.
·      Facilitates operational review of the business against a clear set of expectations.
·      Staff feedback on ways to improve efficiency.

The objective of all standard operating procedures is to enhance the way staff and management work in unison to achieve the business’s goals. The added value created is measurable in increased profits, cash and business value.