How to do your business cash closing? Check out a checklist!

In the financial management of a company, there is a fundamental step: closing the cash register. It is common for the task to be performed at the end of each working day, as it serves to check the cash value against the financial operations carried out in the period.

Therefore, the business cash closing depends on the comparison between the outflows and inflows of the business. The objective is to verify if the amount available in the cash is equivalent to the subtraction of the expenses of the earnings on the day.

For the closing to fulfill its function and deliver good results, learn more about the topic and check out a checklist to carry out this step in your business!

Why is business cash closing important?

It is not enough to know what cash closing is and not recognize its importance or necessity. In the business world, this is an essential procedure for any type of enterprise, regardless of size.

Micro, small and medium-sized companies should pay extra attention to this issue so that they have really efficient financial control.

With an adequate routine, there is full visibility of financial transactions. Thus, the cash flow is adequate and with less chance of errors.

This is also a way to avoid over or under-cash. When the cashier has a total above what was expected, there may have been a failure in pricing or customer collection, for example.

Before closing, it is possible to identify the slip on the same day and contact the consumer. This will serve to prevent problems in the relationship and may favor fidelity.

On the other hand, a lower-than-expected value allows for identifying control failures, unexpected withdrawals, or billing errors. And it is a way to seek correction as soon as possible, so as to avoid more serious financial problems.

The closing also helps to monitor whether the payment of expected bills has occurred over the days and whether operations have been happening as expected.

The data can be used to assess business performance over certain periods.

How to close the box correctly?

To avoid the consequences of an improper cash closing, you must follow correct execution steps. In this sense, see a complete checklist with all the steps that must be put into practice.

Follow up!

establish responsible

The first step in this process is to establish those responsible for the task. In a point of sale with several operators, it is common for each operator to be responsible for their own cashier.

It is also interesting to think about who should consolidate the results.

As an entrepreneur, it is possible to take on this task at the end of the day, for example. But it is important to define responsibilities clearly.

Start by opening the box

In carrying out the closing, everything starts with its opposite: the opening of the box. It occurs at the beginning of the working day, when sales or departures have not yet been accounted for. It is common to open the day with the so-called cash fund.

In many cases, it corresponds to a base value for the daily operation of the business, including the availability of change. The fund value can be set the day before and will serve as the starting point for closing.

Post financial inflows and outflows

During the working day, it is necessary to include all financial inflows and outflows, whatever they may be. If there is a cash bleeding, for example, it must be accounted for, obligatorily.

The same goes for any sales or customer payments that occur during the trial period.

Although closing the cashier originally involves the physical money available in the operation, it is also necessary to account for the funds from other forms of payment. Thus, it is possible to know the real financial availability of the business.

Compare values ​​with cash flow

To make an efficient check of the cash register, it is valid to compare it to the cash flow. Ideally, this financial instrument should be prepared parallel and simultaneously with the cash closing.

If the cash flow is more rigid and relies on bank reconciliation, for example, there will be a certainty that it is fully representative. Then it will serve as an effective flow conference.

Consider doing partial cash closing

Instead of closing the cashier only at the end of the day, with all the amounts for the day, it may be interesting to do it partially. This is especially true in the case of companies that have an intense financial flow and have several transactions.

In this sense, the idea is to make a prior closing throughout the day. It can be done in shift changes, every set of hours or in the face of a certain financial movement.

This is important to identify faults even faster, making it easier to fix. This way, there are more chances that the final closing will take place properly.

Think about how to use technology to your advantage

Depending on how the business operates, doing manual cash closing may not be all that interesting. This is a resource-intensive task and manual actuation is subject to more errors.

Therefore, it is worth considering the use of technology. With a financial management system, for example, the trend is for the task to become simpler and more efficient. Still, it is necessary to follow the flow presented so that the result is consistent.

Based on this checklist, you now know how to close cash in your venture. By making the activity a habit, it will be possible to better monitor financial management, make strategic decisions and favor the results of your business.

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