Daily cash close: reconcile your till every day

A daily close takes about five minutes and is the quickest way to notice shortages, mistakes or missing entries while you can still trace them.

1. Start from the opening cash

Note the cash you started the day with. Normally it is yesterday's counted cash.

2. Add cash in, subtract cash out

Add cash sales and cash payments received. Subtract cash expenses and withdrawals. The result is the cash you expect to have.

3. Count the cash

Physically count the till and write down the amount.

4. Compare and record the difference

Counted minus expected is the difference. If it is not zero, record it with a short note rather than adjusting the numbers to make it disappear. Small, explained differences are normal; unexplained repeated ones deserve attention.

5. Carry the count forward

Tomorrow's opening cash is today's counted cash. Mobile money and bank balances can be checked the same way.