What practices are essential for securing assets, particularly cash?

Daily cash deposits and writing checks are essential practices for securing cash assets. By making daily deposits, businesses minimize the amount of cash kept on site, reducing the risk of theft or loss due to any unforeseen circumstances. This practice ensures that cash is promptly accounted for and is in a secure location (like a bank), thus lowering potential liability.

Writing checks as a payment method also enhances security, since checks can be tracked, and the transaction can be verified through banking records. This creates a paper trail that can be utilized for audits, reducing the likelihood of fraud and discrepancies in cash handling.

In contrast, while weekly audits and internal meetings can contribute to overall financial control and communication, they do not directly secure cash assets on a daily basis. Monthly staff evaluations focus on performance rather than immediate cash security measures, and open cash handling procedures can actually increase vulnerability to theft if not managed with strict controls in place. Therefore, the combination of daily cash deposits and writing checks represents a proactive and effective approach to securing cash assets.