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scmn | In the retail business the register can track the cash, but it still takes time to reconcile the cash drawer which is another hidden cost of cash. I also have to reconcile my inventory; removing items from inventory to avoid claiming cash will be a bid red flag for Sales & Use tax if not claimed and can lead to stiff penalties. The service industries that under report cash income to evade taxes has made the public believe they deserve a 'cash discount' for helping avoid taxes. I jave seriously thought about surcharging cash sales when customers ask about a cash discount to compensate for the wasted labor. | |
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Credit cards vs cash
