Nagamine & Mishima Consulting

Accounting practice since 1989

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Petty Cash

Petty Cash

Having petty cash is not advisable considering risk of bad management. Employee takes less responsibility in preserving receipts and invoices when petty cash arrangement is provided. Hence, many mishandled settlements occur leading to adjustments during tax audit. Obviously, employee takes better ownership of receipts and invoices when expense reimbursement system is in place. If circumstance of providing petty cash must be met, please consult with your tax accountant in what kind of reconciliation procedure must be in place to satisfy the tax authorities during tax audit. In addition, it is always good to confirm with your tax accountant how to deal with situation when receipt and invoice are not provided in certain transactions.

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People are Talking

  • “The launch of Berry Bros. & Rudd Limited’s Japanese branch in November 2008 required the support of a knowledgeable, reliable and professional accounting firm and we were therefore fortunate to find all of these qualities working with the Nagamine & Mishima Accounting Office.

    Since assisting us with the initial set-up, N&M have managed our monthly and year-end Accounts as well as handling our Payroll, ensuring compliance with Tax regulations and filing annual Tax Returns and supervising year-end stock counts.  They respond to all queries in a very timely manner, their work is of a high consistency and their approach friendly.

    With N&M assistance we have confidence in the controls and integrity of the accounting information for our Japanese operations.”

    Philip Duggan, Finance Director

    Berry Bros. & Rudd Limited Japan branch