Cash Control In Your Food Truck

Cash Control In Your Food Truck

cash control

Despite the continued increase of food trucks accepting credit cards (72% as per our poll last year), many food trucks still take in hundreds of dollars of cash each day.

Cash Control In Your Food Truck

To accept cash on your truck you also need to keep additional cash on board, specifically for for making change. Without a good cash control system in place, food truck vendors often find themselves wondering if all of this cash is finding its way to their bank account and eventually to their mobile food business’ bottom-line.

While, there are many best practices for cash control, one often overlooked practice is to keep a separate cash on hand account with a set amount and never mix it with cash receipts.

The cash on hand account typically consists of bills and change needed for the cash drawer, a backup change fund and optionally a separate petty cash fund. These funds must be kept separate from daily sales receipts and must be large enough for conducting business in between shifts or having to send an employee to make a bank run for additional change.

Whoever maintains the cash control in your food truck operation should be issued a fixed amount for their cash drawers prior to their shift. As additional change is needed the owner or manager simply exchanges larger bills from the cash drawer for change from the change fund, leaving the total amount of cash in the drawer and the change funds unchanged.

At the end of their shift the cashier separates the beginning cash drawer from the rest of the cash and the manager returns it to the safe for use on another shift. The cash receipts are then matched against the register report and added to the daily bank deposit.

Do you have any additional cash control tips you’d like to share with our readers? If so, please feel free to add them to the comment section below, Tweet us or share them on our Facebook page.

Richard is an architect by degree (Lawrence Technological University, Southfield, Michigan) who began his career in real estate development and architectural planning. In September of 2010 he created Mobile Cuisine Magazine to fill an information void he found when he began researching how to start a mobile hotdog cart in Chicago. Richard found that there was no central repository of mobile street food information anywhere on the internet, and with that, the idea for MCM was born.

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