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cash on hand. Definition. Funds that are immediately available to a business, and can be spent as needed, as opposed to assets that must be sold to generate cash. The amount of cash on hand determines what projects a company can undertake, or what financial hardships can be absorbed, without going into debt or arranging other financing.
Cash remains the most liquid form of money, although people routinely use debit cards. Holding your money in liquid form means keeping it in cash or investments that are converted easily to cash. More cash or cash accounts means you have a high level of financial liquidity, which has advantages and disadvantages.