![]() It allows for far too much time for items to be misplaced. However, waiting a month and repeating the process is ineffective. Scanning and transferring any paper records to a cloud-based storage system is the simplest way to achieve this. Keep your accounting records and receipts secure. Weekly transaction reconciliations keeps you updted with available funds. Therefore, it’s essential to review statements weekly to check for errors, note the deadline, and schedule payment accordingly. ![]() Though many bills are due monthly, others may be due upon receipt. Vendors appreciate quick payment, and staying on top of your accounts is a sure way to maintain a positive reputation and manage your finances. If you delay two weeks to review your time cards, you could be held liable for two weeks’ worth of unapproved over time rather than just one.īills for small businesses can quickly pile up between utilities, rent, and invoices from vendors. However, you can stop the excess hours by scheduling everyone appropriately and ensuring they punch out on time each day. Whether you allow it or not, you are responsible for paying the additional earnings. Let’s imagine you have multiple employees who work extra during the week. When you review timecards early, you’ll be able to see any unauthorised hours. You can understand your prospective payroll liabilities by doing this every week. However, you must examine employee time cards at least once a week. Payroll may be processed bi-weekly or semi-monthly for some of you.
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