Tip Of The Day #86 - End Month End Before Year End

Do you manage an office of staff members, all needing to submit month-end expense reports and business credit card statements?

Then you know what mass pandemonium it can be at month end when all of the paperwork comes in all at the same time and all the statements have to be reconciled all at once.

Here’s an idea! Set up a system that has your team members dropping off their receipts every day, placing them in a designated basket. The following morning, the few that are there are posted first thing.

Have staff follow the same procedure with expense reports and cash receipts, so the work can be done as it comes through the door.

Chances are you’ll never notice the quick minute it takes every day to do that slight amount of posting and, in fact, the staff member assigned to the task will be eternally grateful that now every day is a good day, even the last days of the month.

When the statement finally comes in, a couple expenditures might have been missed. There’s always be the team member who occasionally forgets their receipts, but, since 95% of the little devils are already posted, reconciling the credit cards and expense reports become a joy, and “month end” actually ends…before the end of the year.