You have to establish the rules for the use of petty cash and controls over its use. Describe the rules that you would develop? Why you have chosen those rules? And how they would control the use of petty cash?To establish rules and control for the use of petty cash would require establishment of an effective petty cash control system.

Project oneYou have been put in charge of the petty cash. Previously, the money was just provided to staffs by the manager when they requested for small purchases. There have been no rules and other than receipts being provided no limitation regarding use of petty cash. You have to establish the rules for the use of petty cash and controls over its use. Describe the rules that you would develop? Why you have chosen those rules? And how they would control the use of petty cash?To establish rules and control for the use of petty cash would require establishment of an effective petty cash control system. The following would provide an effective petty cash control system;Activity 1Transactions that should be entered in an accounting system are classified as internal or external transactions. Internal transactions take place within the organization while external transactions occur between the organization and the external environment. Basically, types of transaction to be entered in accounting system are; the transactions relating to financing activities, operating activities and investing activities. Examples are;Organizations nfinancial information such as;Activity 2With accurate and effective accounting system, the overpaid invoice is indicated as negative balance in their respective accounts. In case of a new invoice later, the overpayment can be treated as a credit and offset the excess payments. In such a situation the overpayment is deducted from future payments.Activity 3For a whistleblower to qualify for protection under the Corporation Act the following conditions must prevail;Activity 4Companies keep records of their receipts in cash book. The cash book provide bank and cash columns that show balances at the end of financial period. To effectively ensure receipts have been correctly processed, the cashier must ensure that the cash book is up dated and most recent bank statement is requested from the bank. The bank statement and cashbook are compared and a reconciliation statement prepared to reveal and record discrepancies appropriately. In addition, petty cash book must be reconciled periodically and on a continuous basis to find errors and find the source of incomplete reconciliation.Activity 5Activity 6To balance cash accurately, one nto compare transactions that appear on both cash book and the bank statement, update cash book from relevant information provided by the bank statement and then balance the bank column of the cash book to accurately reflect balance in the bank statement.Activity 7Chief cashier usually adds up the amount of cash in the petty cash box and compait with the recorded and returned cash receipts. If the petty cash in the safe box tally with receipts returned, a journal entry is created to record the accounting ledgers. If the petty cash does not tally with the receipts returned, a reconciliation of petty cash is prepared. In tcase, the reconciliation tries to find the error and provide the reasons for the differences.Activity 8Use the presentation of an invoice to answer the following questions:Yes, because the supplier has an ABN and is registered for GST (tax invoice)$ 8.48$0.32Yes.Activity 9Errors and discrepancies can occur in invoices because of the following:Activity 10Errors in the invoices should be identified and dealt with at the time of tax submission or on submission for payment. If sales tax was incorrectly billed, cross out the sales tax amount and deduct from the invoice amount and note the correct figure in the invoice.The most important thing about dealing with customers is that you must meet their needs. Tmeans that you sell them what they want- not what you want to see. Explain what tmeans and how you put it into practice.The statement means that businesses utilize their potentials, competencies and produce products based on the market demand gap and on customers? needs and desires. Products are developed through business activities to provide satisfaction to the end users. In business marketing, tvalue and success of business is achieved through, putting in place effective marketing mix, and incorporating excellent customer relationship. To accomplish all this, target marketing approach is adopted. In tcase, products are developed to specifically meet needs and wants of a specific end user. Essentially, business people have full understanding of the desires/demand, satisfaction level and wants of the consumer. Organization thus strategically employs effective marketing mix to achieve the objectives. Success can only be achieve by maximizing on activities through which demands, wants and needs of the customer are provided rather than providing what the business deem fit for customers.Read the following scenarios and answers the questions:Mrs. Smith purchased a computer printer that was supposed to be one of the most reliable brands. The printer worked well for three months and one day and then unfortunately stopped working. She is a regular client and became angry as the printer was recommended by your store to be reliable. She wishes to lodge formal complaint.Mr. Jones purchased some textbooks to be delivered to office before the end of the month. You were able to organize before the end of the week, which was well before he expected them to arrive. He has telephoned in to compliment you and your organization on the services provided.In scenario one, Mrs. Smith is complaining on the quality of the products sold. The client want product durable and reliable as per the company?s recommended quality. In scenario two, the client nis improved service delivery effectiveness and efficiency. Mr. Jones demand services delivered promptly without waiting the time period recommended.As an organization representative handling each scenario needs a thorough follow up on organization policies and procedures. The company is committed to efficiency, effectiveness and quality products delivery. Mrs. Smith case is far much intolerable since the company policies on quality were not adhered to. The policy of the company is a guarantee of six months. Thus, the company will compensate for any damage caused and provide after sale service to improve the quality of the products. Alternatively, the printer can be repossessed back and new, reliable and of high quality provided. In the case of Mr. Jones, the time period for delivery is yet to elapse. For treason the company will immediately deliver products and explain the cause of delay.To prevent the situation in scenario one not to happen again, the company will recognize customers? expectations and needs to deliver quality to the market. Twill be through adequate market research to establish products qualities that meets buyers? expectations and needs. Quality management system should be implemented to improve on quality management and control process for production of high quality and reliable products.Customer?s feedbacks are significant in improving organization services. All complaints and grievances from customers are to be maintained in customer care department as a reference to increased quality. Nevertheless, it is important to differentiate customers who complain for everything and to everybody. In trespects, distinguishing justified complaints from fake is important. Customer feedbacks can be used to assess and evaluate satisfaction level, trust or comfort customers achieve from the business. The feedback can also act as a benchmark to measure the achievement or company?s attaining customers? needs objectives.Assessment activity 1Being a retail shop attendant is all about customer handling and satisfaction. The major objective of a retail shop is to build customer relationship and interaction. Attracting and retaining customers is based on the shop attendant approaches in handling customers. Handling customers starts from the greeting to the parting process after the customer buy what they want. In fact, customer nto feel important and satisfied. Greeting customers or welcoming customer nto take approximately 10 seconds and around 10 feet from the main door. Greet customer smiling, precisely and with sincere greeting phrases. Thirdly, it is important for the customer feel that you are there to serve them even if you have another customer. The greeting must be polite and use formal phrases. Politeness and formal greeting essentially provide a first impression to a customer. After greeting and brief introduction of other special products you would like customer be aware of, it?s important to check whether they are satisfied or gotten everything they are looking for.Assessment activity 2Personal presentation involves the individual personality that includes physical presentation, cleanliness, communication skills, interpersonal relations skills, and capacity to deal with work issues independently. The manner employees dress and personal presentation plays a critical part in maintain individual in employment and also securing new employments. From the customer?s angle, dressing and personal presentation portrays degrees of trust, integrity, hygiene and individual interpersonal relationship with the customer and the rapport. Customers will always perceive individual personality as a composite of their needs and fulfillment. Dressing code significantly portrays organization culture while presentation portrays the qualification of employees to attend customer?s needs and desires.Assessment activity 3Communication skills are vital to both managers and employees. Other than the technical, administrative skills and the conceptual skills possessed by managers, communication skills are the most important for all employees in an organization. Generally, employees nto be well equipped with written and verbal communication skills. The most common types of communication skills are Organization communication skills, Interpersonal communication skills and Leadership communication skills. Organization communication skills include skills to resolve disputes, teaching skills, convincing presentation skills, writing skills, negotiating skills, and skills for initiating an open group discussions. Leadership skills are related to motivation, encouragement, building group relationship, being catalyst for change and creation of group synergy. Interpersonal skills encompass listening skills, relationship building, building trust, understanding emotions and self-controlling ones emotion.Assessment activity 4Cultural awareness refer to the process of continually enhancing and understanding individuals own culture and others cultural element to promote performance of an individual in a multicultural society. It actually involve learning your and others beliefs, customs, values, common phrases, words meanings, important activities and common rites. It can also refer to skills acquired through social and professional process of culture interactions. Tconcept is particularly important in the contemporary globalized business environment.Assessment activity 5Establishing a customer relationship with the customers is vital since it is the base of developing trust and comfort of the buyer. Usually, rapport is regarded as the function of customers comfort and their trust towards sellers or employees. Trust building starts with the business owners and employees integrity, while rapport increase customers comfort with the services or the products offered. Through rapport based on trust and comfort, the business is in a position to attract new customers and also retain current loyal customers.Building a good customer relationship can take the following steps.Assessment activity 6Finding customers? needs is very important in business and builds a good customer relationship or marketing relationship. Fundamentally, the manner customers are handled and questions are asked reflect the comfort and trust customers will have towards business products. Some of the questioning techniques and examples are as outlined below;Example: ?let?s say you buy our product for $20, will you feel satisfied? Or add value??Example: Why do you prefer tparticular product to other products? Or what is your motive in purchasing tproduct?Example: Please provide some additional details of that product?Assessment activity 7To understand customer needs the following steps are appropriate;Assessment activity 8Unlike the traditional methods of marketing and marketing research, contemporary businesses especially in hardware shops/stouses internet to get information on product featuand how customers embrace retaining their choices. The advanced technology has changed the world into a global village where needs and product featucan only be gathered from the internet. From tperspective, if I worked in a hardware store, internet and technological related resource centers are important to gather information relating to products features, customer needs and choices.Assessment activity 9Production department is organization unit responsible in producing products as suggested by the marketing departments. One department in organization may not be aware to the feature and the qualities of products. For example, finance unit personnel may not particularly answer most of customers? questions regarding products. In such a situation, they are supposed to borrow a leaf from the marketing department or the production department personals. Similarly, tcase refers to my situation where the production department staffs can assist in giving such answers.Assessment activity 10There are many factors that affect and influence customer satisfaction level. Some of these factors include the time taken by customer in a queue, employee?s friendliness, accuracy in service provision, prices, quality, value, and clarification given upon request. Retaining customers is an important facet in delivering quality to customers. Fast customer service is important since it is the practice of working to customers? satisfaction with an intention of developing a long lasting relationship.In order to enhance customer loyalty and retain customers, organization must forecast customers? expectations and needs. Providing prompt services to customer must start by first establishing the customers? needs and anticipating their expectation from your company or industry. Despite stiff competition, companies will always develop innovatively new mechanisms and processes for speed, efficiency, clarity, and effectiveness. One way to attain these is by implementing information systems that have high spand that provide speedy services. For example, developing an internet based marketing (ecommerce) to reduce queues in the company?s premises.Assessment activity 11Usually, a positive word of mouth plays an important part in increasing customers? loyalty. It is therefore, important to let customers know if there are any delays to customers and follow up promptly. Twill in addition prevent customers to evaluate and explore competing alternatives and create a strong tie between the organizations and customers.Assessment activity 12Communicating with customer does not give positive results in most cases. Therefore, it is vital for the marketer to have a detailed understanding and analysis on how to make customers understand and appreciate marketing message. The most common methods to make customers understand the message is by driving customers to acquisition. First, understand customers? needs and develop a demographic or lifestyle behavior to increase customer relationship and effective gestures. In addition, as a marketer, one nto optimize on communication and asking questions which develop smarter and more contact approach to make customers understand message clearly.Assessment activity 13When serving customers, one has an opportunity to market other organization products. Customer service involves sensitivity, being sincere, and possessing adequate human relation skills. Quality customer service providers probe for other customers? requirements or needs. Through probing or interrogation, marketers are able to provide goods that can be suitable as per the customer?s needs. For example, marketers can show different products that are similar or providing alternative remedies.Assessment activity 14The attitude of customers towards company?s products depends wholly on how the feedbacks are taken and implemented. By implementing customers feedback, shows that the customers feedback are important indicating customers are distinguished stakeholders in the business. Actually the manner company?s handle feedback can transform organization perception and twill act as compensation on customer grievances or complaints.Listening and responding to customers? feedback sensitively is important in portraying the importance of customers to an organization. Basically, customers? feedback act as benchmarks on the way customers is handled. Implementing reasonable changes in service delivery or products featuand qualities based on customers feedback play are role in success and increasing customer loyalty.Assessment activity 15Communication between customers and the organization is vital in providing message accurately and precisely. Communicating through simple languages enhance understanding of the message. Thus, communication between organizations and customers nto be put in simple languages. Complicated language may deter the meaning or deteriorate the message intention.Assessment activity 16To make sure unmet customers are identified organization can carry out a market research or implement a market information system. Market research can take the following process.Discussion with clients may sometimes take a wide spectrum and include other products not possessed with the marketers. Not all discussions are health for success in businesses. Organization staffs nto be trained on the limit of customer discussions. The discussion can extend to other products if the customer is distressed on needs and when the company does not directly trade in such products. Assisting the pressing desiof clients is crucial in increasing customer relationship. Conversely, the assistance should be limited and depend on the skills and attitude of staffs.Assessment activity 17Referring customers to other services depend on the level of skills of the employee and the attitude of that employee. In trespect, employees should uphold and address customers pressing needs and wants. Employee should explain reasons why customers have been referred to other services. It is ok to refer customers to other services when safety needs are guarantand the referral should not compromise the customers? safety or expectations.As noted above, referring customers to other services should not compromise their expectation and safety. It is important to provide recommendations to services where good understanding of services is available. Moreover, referral needs to take account on the client choice and the distress level of the customer.

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The post You have to establish the rules for the use of petty cash and controls over its use. Describe the rules that you would develop? Why you have chosen those rules? And how they would control the use of petty cash?To establish rules and control for the use of petty cash would require establishment of an effective petty cash control system. appeared first on Cheap Nursing Tutors.

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