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Additional Credit and Collections tasks: Petty Cash, Employee Reimbursements, Vehicle Mileage Tracking

Continuous backup for outsourcing clients on credits and collections.These credit & collection tasks are really quite monotonous and boring, which is why they're often forgotten.

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 not always "petty" but can be a big sum over the year..."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.

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More usually Petty Cash means money or cash taken out of the register in a retail business, or cash withdrawn from the company's account via ATM, or it can be money out of the owner's pocket.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

Employee reimbursements and business expenses.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.

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

Tracking vehicle mileageIn this service, we simply keep track of vehicle mileage using QuickBooks.

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.

These functions need to be handled in an orderly fashion at the time the transactions occur as otherwise these cause trouble later on.

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

Petty Cash, Employee Reimbursements, Vehicle Mileage Tracking to Bookkeepers PlusPetty 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.

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
Bookkeepers Plus, Inc.
354 Neighborhood Rd
Mastic Beach
NY 11951
Phone: 631-949-5864
Fax: 631-207-8349

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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

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About Bookkeepers Plus Inc.

Introducing Bookeepers Plus Inc. — the outsourcing expert for businesses in Long Island NY.

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