Organized Bookkeeping

Today’s Bookkeeping Challenge

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.