| These tasks are not interesting... but if left undone or performed poorly, the negative consequences can be significant. Learn how to avoid unnecessary scrutiny by the IRS or theft within your company by outsourcing petty cash and other... |
|
|
|
|
|
|
|
|
| These tasks are not interesting... but if left undone or performed poorly, the negative consequences can be significant. Learn how to avoid unnecessary scrutiny by the IRS or theft within your company by outsourcing petty cash and other... |
|
|
|
|
|
|
|
|
|
|
Additional Credit and Collections tasks: Petty Cash, Employee Reimbursements, Vehicle Mileage Tracking
This is why these functions are best outsourced so as to ensure their accurate and timely execution. The importance of performing these tasks is not always obvious in the direct results that come from doing these tasks. But if these functions are left undone or performed inaccurately, these omissions can cause a lot of unnecessary trouble. Let's go through these functions one at a time.
Petty Cash (that can add up to a big sum over the year)
Petty Cash is the money that comes from "outside" your official deposits and withdrawals which are entered into your accounts through invoices and bills. Putting money into the Petty Cash and spending it can mean that your company has a proper petty cash box from which money is taken to purchase something the company needs. More usually Petty Cash means money or cash taken out of the register in a retail business, or cash withdrawn from the company's account via ATM, or it can be money out of the owner's pocket. Anything paid with cash from the business is categorized as Petty Cash. These are often small sums of money which are easily forgotten and thus left out of the bookkeeping. This in turn causes two problems. One is that these sums cause extra work in bookkeeping and accounts when the accountant has to categorize these withdrawals. The other problem is that UNLESS these expenses are methodically entered into your Petty Cash register, they're forgotten and become the owner's salary in the year end accounts. Having complete and accurate books for Petty Cash is also useful in avoiding the scrutiny of the IRS (Employment & Income taxes) and State (employment, income and sales taxes). Accurate Petty Cash registration also makes stealing cash practically impossible. The Petty Cash service of Bookkeepers Plus Inc. keeps track of cash spent for purchases of good and supplies and ensures these are valid. We collect the receipts from employees and validate each expense, entering these into the books so as to ensure they're included in the accounts.
Employee reimbursements
For instance, a member of your team could buy postage with their persona credit card, which sum would then be reimbursed to him after he submits the bill to the bookkeeper the said expense is validated. Another form of reimbursements is known as "Employee Business Expenses." With these, we would validate the cost and reimburse the employees for out-of-the-pocket expenses, keeping track of the receipts.
Vehicle Mileage
Vehicle mileage is most often the bigger tax deduction than using the actual receipts. While we leave it up to your accountant to decide, our bookkeepers make the decision which option is taken in your year end accounts, it will be easier for the accountant due to vehicle mileage being tracked in QuickBooks.
Benefits of outsourcing Petty Cash, Employee Reimbursement, and Vehicle Mileage Tracking functions to Bookkeepers Plus Inc.
This is a system which allows the year-end closing to go smoothly and fast, minimizing the cost for you in several ways. Coordination with your accountant lowers your costs. Proper handling of these payouts also guards against fines, penalties and legal action from the Government. Payouts to employees and/or owners may be interpreted as payroll unless these expenses are documented. Accurate documentation of Petty Cash and Employee Reimbursements also helps to prevent fraud and stealing of funds. Vehicle Mileage tracking ensures you always obtain the more beneficial tax deductions. Accurate and timely tracking of vehicle mileage also prevents employee misuse of vehicles.
Contact Bookkeepers Plus Inc. to hear what we could do for you
Please remember that outsourcing these service to us does NOT require you to change your accountant or CPA. You can contact me directly or, if you're convinced that outsourcing might be the solution, use our quote form to receive an estimate of cost and benefits of outsourcing your choice credit & collections functions to us. Finally, if you have a specific problem with any aspect of financial control, why not give us a challenge and receive free advice on how we would solve the problem? Thank you for your interest, and please remember we offer a free Outsourcing Report to business owners in Long Island and New York.
Best wishes, Elizabeth Marasco,
MBA |
| — Outsourcing articles & services — | |
|
Outsourcing Report Subscribe to this free report on the benefits of outsourcing back office functions and you'll learn how to lower risks while concentrating more on those activities that produce profit! |
Comparing outsourcing with in-house solutions
Read which activities benefit from outsourcing and what to look out for in outsourced solutions. |
|
|
Outsourced bookkeeping
If so, read this article about outsourcing your bookkeeping and what that can bring you in terms of benefits... |
Give Bookkeepers Plus a challenge! An easy way for business owners to get first-hand experience on our services. Give us a challenge and we'll tell you how we would solve it... free! Give us a challenge involving outsourcing of accounting services... |
|
|
Learn how easily one can make mistake in the setup of QuickBooks — and how simple it is to fix these in your accounting software! Use an expert's help in training & support for your QuickBooks accounting software and procedures. |
||
| Different functions of bookkeeping — read to see what you can benefit: | ||
|
Billing & Accounts Receivable Explained in understandable form what is included in accounts receivable and what you need to look out for in this area. |
Accounts Payable & Cashflow / credit What functions are included and how do these influence your finances and credit rating — and how do you speed up the cashflow? Learn the importance of accuracy in accounts payable for your activity! |
Purchasing & Inventory -controlling cost Keeping accurate record on purchasing and inventory allows for optimizing of your stock and investment while minimizing downtime. Read what outsourcing the purchasing & inventory functions can benefit you! |
|
Banking routines This area of bookkeeping frees up a lot of your time while ensuring your funds arrive promptly and securely. Read what benefits you receive by outsourcing the banking duties to an accounting professional. |
Cash Management How would you like to be free from constant worry and checking of your cashflow and receive some control and prediction to finances? How cash management can increase your financial control and prediction. |
Payroll outsourcing Calculating salaries is the most time-consuming of all activities. Outsourcing your payroll you gain accuracy at lower cost than handling it in-house. |
|
Financial Management Reporting The absolute jewel of services, ensuring that you gradually gain full control over financial planning in your company. Management Reporting teaches you to plan finances hands-on with accuracy and profits! |
Project Accounting An essential service if you have larger jobs or projects coming up which you want to keep under tight financial control. Quality service giving greater financial control. Project Accounting - how to keep the budget and finances of any larger job or project under control! |
Taxes and preparing books for your CPA Why not save some 50% off this part of your accounting by letting our bookkeepers prepare taxes and books for your accountant / CPA? Save money and headaches by... ...outsourcing tax work and preparation of books for accountant's review. |
|
Useful articles for LI business owners This page contains articles by Elizabeth Marasco on various subjects relating to taxation, finance, accounting, bookkeeping and other important issues. Read Elizabeth Marasco's articles on taxation and accounting in Long Island and New York |
Bookkeepers Plus Virtual Assistant Don't need a full-time secretary or can't afford one? Then the solution is the Bookkeepers Plus Virtual Assistant - you pay only for the work we performed at the quality requested! Bookkeepers Plus Virtual Assistant - secretarial work without the cost. |
Human Resources Outsource the tasks involved in Human Resources: Workers Comp, insurance, retirement plans, leave maintenance, recruitment, personnel policies, resolving disputes, etc. and save money and time! Human Resources support services: Workers Comp, Retirement Plans, Recruitment, disputes... |
|
Other Credits and Collections actions These tasks are not very spectacular if done accurately and correct. But if you forget then many unnecessary problems can arise from... ...Petty Cash , Employee Reimbursements, Business Expenses, and Vehicle Mileage tracking |
Bookkeepers Plus Office Software Application Training Read how businesses throw away thousands of dollars monthly... and how you can make sure you don't... and secure it for free! Bookkeepers Plus Office Software Application Training & Consulting |
Sales Tax Keeping accurate record on your sales tax and filing in time is not exciting and thus it suits outsourcing well. Save money while avoiding all problems due to delays or mistakes... See the savings and benefits available from outsourcing your sales tax routines! |
|
Getting the most out of your QuickBooks? Participate in this survey to find out! Want to see if you are receiving the true benefits from your QuickBooks software... or check if it could help you more than currently? Take this online survey on QuickBooks to find out... and receive a free initial phone consultation! |
About Bookkeepers Plus Inc. Introducing Bookeepers Plus Inc. — the outsourcing expert for businesses in Long Island NY. |
|
|
|
||
|
| Contact Bookkeepersplus
Inc. | About Bookkeepersplus
Inc. | Links & Resources
| Site Map | | Exchange links with www.backoffice-li.com | Copyrights & Privacy & Legal Disclaimer | |
These
credit & collection tasks are really quite monotonous and
boring, which is why they're often forgotten.
"Petty
Cash" refers to the monies paid out with cash from the business
for various small purchases, such as coffee, washing liquid,
refreshments for visiting customers, or alike.
This is the usual other
form of "petty cash" in which an employee uses his
or her own money to purchase something for the company.
In this service, we simply keep
track of vehicle mileage using QuickBooks.
These
functions need to be handled in an orderly fashion at the time
the transactions occur as otherwise these cause trouble later
on.
Petty
Cash, Employee Reimbursements, and Vehicle Mileage Tracking form
one part of our quality services which our back office outsourcing
solutions offer businesses in Long Island and New York.
What
do you stand to GAIN by outsourcing select back office activities...
and how do you know which ones to outsource and which not? This
interesting article explains the pros and cons of outsourcing
and offers a make-sense tool for finding the activities whose
outsourcing brings the biggest profits and benefits.
Want
more accurate bookkeeping with timely delivery and without any
problems brought to you about it?