The Role of a Production Assistant in Managing Petty Cash
Commercial productions rely on petty cash for immediate low-level purchases to keep everything running smoothly. While production managers typically oversee petty cash, their many responsibilities can stretch their attention thin when it comes to managing the day-to-day aspects of petty cash.
This is where production assistants can step in to make a difference. Among their various daily tasks, they often take on the crucial role in handling the production’s petty cash. By ensuring your production assistant has a tight grip on petty cash management, it will help you prevent overspending and stay within your production budget.
In this blog, we’ll take a deeper dive into the role of production assistants when managing petty cash, covering their responsibilities, common challenges and practical solutions.
What is Petty Cash for Commercial Productions?
Petty cash for commercial productions refers to the available cash at hand that can be used for everyday expenses for your production such as transportation, food, incidentals and other expenses. Whether your team uses the petty cash at hand or not, it is fairly common for productions to carry a float during the project in the case it may be needed. Unlike cash at hand, petty cash is a safe way to track, monitor and organize how cash is being used during production.
Responsibilities of a Production Assistant in Managing Petty Cash
Production assistants are the go-to person of productions as they take on many important responsibilities to manage petty cash for their projects. Let’s explore the key responsibilities involved for production assistants when managing petty cash.
Receiving petty cash from the accountant or coordinator.
The amount of petty cash production assistants receive from production managers will vary on a project by project basis. In some cases, petty cash is never actually used but it’s common to carry a float on hand. Productions will create a petty cash policy for production assistants to follow.
Production assistants must be very organized with petty cash to ensure every penny is accounted for when reconciling at the end of production.
Expert tip: If your production will be handling a significant amount of petty cash, consider using p-cards to simplify and securely manage funds during production.
Organize documentation: receipts, vouchers, and logs.
Though a small step, it is a crucial step to track and organize all purchasing documents when managing petty cash. If providing a cash payment, be sure to get a signed, hand written receipt or invoice from the vendor. If using credit or debit card, ensure to get a physical receipt as card purchases are not a valid proof of receipt.
This is one of the most important steps within petty cash management that will make reconciling petty cash for productions easy.
Expert Tip: Make copies! Scan or photocopy all of your receipts for your personal records.
Communicating with department heads regarding cash needs.
Petty cash doesn’t get handed out by the production assistant too easily. Team members must formally request petty cash through a written request form to define who is requesting petty cash, for what purpose, date and how much petty cash.
The request form will be reviewed and approved by the designated team member responsible for petty cash distribution by the production assistant.
If approved, members will fill out a purchase order.
Submitting petty cash reconciliations: Final balancing.
Petty cash is finally reconciled at the end of production. This process involves gathering all purchase orders, invoices and purchasing receipts to review total expenses.
Common Challenges in Petty Cash Management Production Assistants Should Prepare For
The role of production assistants in managing petty cash demands strong attention to detail and excellent organization skills, as there are several easy mistakes PA’s can make, such as:
Maintaining accuracy and avoiding discrepancies in reporting.
High organization skills is what makes for seamless petty cash management. Therefore, we strongly recommend your production assistant obtains and organizes any and all receipts and invoices. They should secure copies as a backup as well.
It's no fun at the end of the day to be left owing money to the production. Lost receipts or untraceable expenses will come out of the producer's pocket at times.
So production assistants must remember to always ask for receipts!
Handling last-minute expenses and urgent purchases.
Commercial productions run on super tight deadlines and quick turnarounds. Last minute expenses or urgent purchases are common- but can be tricky, as there is a lot of red tape that can make it difficult to get access to funds in time.
Working with a third party can help streamline petty cash to your team in no time.
Navigating high-pressure environments where petty cash is constantly needed.
Commercial productions work in a fast high pressure environment that can constantly ring your production assistant’s strings for petty cash. It's important for them to keep it organized and accurate at all times during production.
Useful tips for production assistants include implementing practices that work for them to stay organized.
Conclusion: Manage Petty Cash Effectively
In conclusion, managing petty cash is a crucial responsibility for production assistants to ensure your production stays within budget. Ensuring your production assistant adheres to the best practices, they can ensure that petty cash is used effectively and transparently.
Need help managing petty cash?
Here at CMS Productions, we can assist your upcoming production with petty cash and more with production support.
We have a talented team with experience to provide your company with our all in one production support services, including:
Opening vendor accounts and issuance of purchase orders
Invoices and disbursement management in connection with Shoot
Production payroll, including all payroll, worker’s compensation charges, employer payroll taxes and third party processing fees
Crew union signatory services
Banking and insurance services as required
Providing a credit card for the production
Production and general liability insurance management
Petty cash management
Accounting services upon completion of production (and during the production upon reasonable request)
With years of experience, we provide customized solutions for all your production needs. Contact us today to set up a consultation.
FAQs
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Determining the amount of petty cash to use during productions will vary on a few factors such as:
Size of production
Number of location shoots
Duration of the shoot
Access to a detailed production budget.scription text goes here
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Petty cash cannot be used for the following purchases:
Motor money
Rentals
Labor of any kind
Rideshare
Parking tickets
Gift cards
Prescription drugs
Alcohol
Credit cards or debit card receipts
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Petty cash allows producers to set guidelines for how petty cash will be used during productions. This policy covers important information to know when managing petty cash, such as who is responsible for petty cash distribution, establishing processes for requesting petty cash and setting petty cash float limitations.