1 / 13

CASH MANAGEMENT

CASH MANAGEMENT. Bob Deegan, Deputy Director, Special Nutrition Programs USDA Food and Nutrition Service, Northeast Regional Office. Why talking about Cash Management?. $418,876 stolen from Concord NH 1999-2006 by District’s bookkeeper $335,000 from East Lyme CT by FSMC’s FSD 2004-2010

chars
Télécharger la présentation

CASH MANAGEMENT

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. CASH MANAGEMENT Bob Deegan, Deputy Director, Special Nutrition Programs USDA Food and Nutrition Service, Northeast Regional Office

  2. Why talking about Cash Management? • $418,876 stolen from Concord NH 1999-2006 by District’s bookkeeper • $335,000 from East Lyme CT by FSMC’s FSD 2004-2010 • Lots of smaller thefts, but all have lack of basic management controls in common • Keeps your food service operation from making as much money and from increased financial independence with the District

  3. Who’s food service operation has had a theft?

  4. Should be part of your Business Plan • Cash management is one piece of a well run and profitable business operation along with: • Inventory management • Production records • Portion control/plate waste • Effective procurement • Marketing • Etc.

  5. Cash Management at the POS • If you don’t have a computerized operation – lobby your District to get one • Minimize time & confusion at the POS by: • Use 25 cent increments in pricing to the greatest extent • Encourage families to pay online or add money other time than at lunch (can Main Office collect money?) • Use pre-numbered receipts • Endorse checks right away • Train cashiers, especially on what constitutes a reimbursable meal, and spot check them • Look for “stuff” by the POS (bobby pins, gum, etc.)

  6. Cash Management at the POS cont’d • Count-out cash drawers at the end of shifts • Protects cashiers from future suspicion • Set a tolerance limit for shortages/overages • One drawer per person • Document any cash transfers between drawers • Keep good records • Balance system totals by reconciling daily cash register readings to daily deposits

  7. Now what do I do with the $ • Establish written procedures for how cash will be reconciled and deposits made • Limit/control access to cash • As few staff as possible should handle cash • Use two-person control to segregate duties between person receiving cash and person maintaining the accounting records • Need increased oversight if staffing levels prevent two-person control

  8. Now what do I do with the $ cont’d • Get a secure storage container or use the school’s safe • Don’t keep cash in unlocked desk drawers, file cabinets, etc. • Make regular deposits • Always reconcile deposits promptly • Keep good records • Use bonded couriers for bank deposits if not making them yourself

  9. Communications - The most important part of Cash Management • Talk to people and learn from their advice/mistakes • School business officers • Good people to reconcile monthly bank statements with • Fellow food service managers, directors • SNA members good starting point • Others in retail businesses with high cash flow • Universities and colleges tend to have very comprehensive Cash Management procedures

  10. Cash Management • It’s not just $ that’s walking out the door

  11. Cash Management • Use good inventory management and conduct periodic inventories of highly pilferable foods and equipment • Mark equipment • Use production records to detect changes • Consider installing cameras at key locations • Make sure they are aimed to show faces • Only use clear plastic trash bags

  12. My Plate

  13. Questions?

More Related