Audit Principals to Speak at NYS GFOA Conference April 2-4, 2025

The New York State Government Finance Officers Association (NYS GFOA) is hosting its Annual Conference, April 2-4, 2025 in-person at the Albany Marriott in Albany, New York. This year's conference promises to be an enlightening event, featuring sessions designed to improve financial practices and enhance organizational efficiency.

One of the key sessions, "Getting Rid of Petty Cash”, is being presented by Lumsden McCormick audit principals Elizabeth Krause, CPA, and Jeremy Smith, CPA.  The session will be moderated by Donna Crowley, CPA, RBT CPAs, LLP.

The session will address the outdated practice of using petty cash drawers, which are prone to fraud and compliance issues and explore alternative payment methods that offer better security, tracking.

Session description:

Getting Rid of Petty Cash
The petty cash drawer will always have a special place in our hearts—but it's also an antiquated practice that is susceptible to fraud and abuse and potentially can expose your organization to procurement policy or legal compliance issues. Petty cash can be difficult to track and presents challenges to ensuring expenses are recorded appropriately. Alternatives can provide better security and tracking of expenses and sometimes even provide cash back and other rewards. This session will discuss the risks of petty cash and how to help move not only the finance office, but all other departments to alternative forms of payment for small purchases. 

Attendees will earn 1 CPE Specialized Knowledge credit and 1 GFI credit for participating in this session. On-site conference registration is available after March 21, 2025.

For more details, visit the NYGFOA website.