Ep. 64: 5 Ways to Handle Petty Cash Transactions in the Cannabis Industry

Proper cash and company credit card management is essential for clean books, but it can be difficult to organize your clients’ many transactions.

The lack of banking services available to Cannabis businesses means the companies’ bills are often paid in cash. Even companies that have access to credit cards do not always have the flexibility and benefits of normal purchasing cards or separate employee accounts.

Because of this, some employees within a company will share one company credit card, or an employee will make purchases with a coworker’s account. Limited transparency regarding who made each cash or credit card purchase is a security risk, wastes valuable time, and could lead to accounting errors -- which can hinder operations and compromise compliance.

On this episode of the DOPE CFO podcast, your host Andrew Hunzicker, CPA will offer “5 Ways to Handle Petty Cash Transactions in the Cannabis Industry,” including: