Definition: is a management function that consists of developing and overseeing: a) credit and acquisition policies, b) disbursement policies and budget allocation; c) accounts payable regulations, as well as the invoice-processing cycle. This function also deals with the verification of cash receipts and any other cash-related payments. Cash control is a vital part of any company and is necessary for adequate funds management which includes keeping cash flow records and evaluating the organization’s cash balance.
In a Sentence:
Mr. Powell proposed we introduce a new collection policy to enhance our cash control system since right now we can’t verify most of the transactions that were done in cash.
I know that cash control is extremely important to keep our records straight, but spending two days checking the accuracy of each and every cash receipt made my life hell.
Barley’s has recently hired a new accountant that will help the company perform cash control. Due to a large number of financial operations occurring each month, the maintenance of an up-to-date cash balance statement became too hard of a challenge for an accounting department consisting of only two workers.
Synonyms and related words: boundless accounting, budget allocation, cash management, accounts payable