cash (noun, cash, \ kæʃ \) control (noun, con-trol, \ kənˈtroʊl \)
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
