Keeping track of your finances is beneficial for you and your company. Money is a fleeting trading material. You might have a lot of the dough now, but you might lose a big portion of the company’s dough the next month, week, or day. Know how to help your company be an effective money saver than a money spender by keeping a record of all of the expenses incurred. Read this article that we carefully laid out for you to give you insights and ideas on how your company can go about financial responsibility—management and documentation.
What Is a Daily Cash Log?
A daily cash log is a business document that hosts a list of all the business transaction that the company incurred within a given period. The frequency of the financial tracking is daily but the total amount calculations happens weekly, monthly, or yearly.
FREE 7+ Daily Cash Log Samples in PDF | MS Word | Excel
Here are eight examples of daily cash log forms that we fished from the Internet. Carefully analyze each the content structure and the skeleton of the samples below. The content and structure of each sample present differently so do compare them to know what elements are different. Along the way of comparison, you might also find some aspects of the samples that are similar so keep your eyes wide open for such.
1. Sample Daily Collections Form
2. Sample Individual Petty Cash Log
3. Sample Monthly Cash Log Sheet
4. Sample Specific Petty Cash Log
5. Sample Daily Cash Report
6. Sample Daily Cash Log Form
7. Sample Daily Cash Receipt Log
8. Sample Cash Paid Out Log
Benefits of a Daily Cash Log
Spending always seems a better idea than saving money. It feels better to spend the money right away to better improve the restrooms of the building, to buy more food for the team, to add new blinders, etc. Spending right away seems right for the moment, but I assure you that it is bad financial management. Saving money and knowing when to spend helps the company more. The current funds might buy new blinders but what’s left afterward might not help fix the broken printers. Here are a few reasons why saving money is beneficia for your company.
1. Foster Financial Awareness
Knowing where the compay funds go and how it is spent helps you and the company foster a sense of social awareness. You become keen to the bad money habits the company possesses. You will even find some spending issues, and you will know how to correct those bad habits of the business.
2. Stick to a Budget Plan
Keeping track of your company’s finances helps you become disciplined, and it will help the company stick to the intended budget plan. Sticking to a budget plan entails you to know how to spend wisely. You may even help the company find ways to pay for a quality service or material but spends less.
How to Create a Daily Cash Log
Daily cash logs are simple business or accounting documents that most business owners require to keep track of their financial transactions. As they say, a successful businessman never lets even a single penny out of his sight. Knowing how the company handles its funds is crucial in understanding the longevity of the business. If the company squanders off all the money and keeps no records of it, then it is doomed to go bankrupt. The company that does keep a record will keep going. Help your company record the finances by creating a daily cash log! This guide serves to help you through the creation process of the document. What are you waiting for? Grab that mouse and start!
Step 1: Seek for a Daily Cash Log Template
Start the process by scouring through the universe-like entity known as the Internet. The Internet is infamous for hosting enumerable websites, much like the universe hosts various planets and stars. You might say that no one knows how many sites are present on the Internet. Navigate through website after website, and look for the perfect one that contains the template that you require. We suggest you open template.net to minimize the time used for sifting through tons of sites.
Open the site and type in daily cash log templates.” Browse through the various models and look for one that resonates with you. Once you stumble upon it, you will know it is the template that you are looking for all this time.
Step 2: Customize the Daily Cash Log Template
Download the template that you picked, and start customizing it. Remind yourself that the model must undergo conversion from having default information to containing the company’s data. Do not leave any part of the template untouched by your writing. You must make the model emulate your company’s image. If it doesn’t follow the image of the company, then what is the use of customizing the template in the first place.
Step 3: Add the Business’s Information on the Template
Remember to add the company’s business information on the daily cash log template to help give the customers a way to contact you should they have any concerns or questions whatsoever. Be mature and ready enough to handle any customer feedback and opinions.
Step 4: Create a Simple Table for the Daily Cash Log
Create a simple table for the business transactions that will occur. You may look at the examples we presented above to give you an idea about how to structure the table and what column title should you place.
Step 5: Add a Signature Block for Confirmation
At the bottom part of the article, you may add a section where the business owner may affix his signature on the cash log. In this sense, the daily cash log becomes a form of a confirmation letter, where you await the confirming sign of the business owner.
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