Today’s bookkeeping challenge:
Have all the expense reports been prepared and paid?
Why is that important? It’s easy to get behind and wait for people to submit expense reports. It can have a material effect on the financial statements and cash flow. Make sure you rattle some cages to get the employees to submit expense reports on a timely basis.
I’ve had people submit over $10,000 in expense reports at a time. Believe it or not. Your company’s might not be that high, but unsubmitted reports might distort expense categories for future decision making.