To help the retailers across India to manage their cash properly, Ginesys has introduced a new feature on “Petty Cash Management” in its Retail Enterprise Resource Planning (ERP) solution.
This management feature will help reduce the risk of malpractising by employees.
The new feature introduces properly segmented heads for allocation of petty cash expenses and tagged ledgers. In addition, a new module for receipt/ payment of cash transaction has been added for convenience. The site will record the daily cash transactions and share the information with the Head Office, allowing for greater coordination.
The benefits of this feature are that it will speed up in tracking the transactions on petty cash like (stationery, rent, tea, and coffee) irrespective of the volume of transaction, help keep an on the daily expenses and show it on the respective segments. With this management feature, a clear picture of amount spent on each segment and also be helpful in identifying unnecessary expenditures.
Prashant Lohia, CEO, Ginesys, stated, “Petty cash management is an important aspect of managing cash flows properly. However, it often ends up being mismanaged due to the lack of proper software solutions. According to industry estimates, businesses suffer losses to the extent of 0.25%-0.50% on margins. Through this software, we expect to address this issue.”
By categorizing expenses and real-time information updates with the Head Office, the new feature will help organizations identify and analyze their petty cash expenditures. This will further aid in reducing unnecessary expenditures, thereby leading to significant savings.
