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Running a successful business involves juggling numerous responsibilities, and one crucial aspect is financial management. Bookkeepers play a vital role in maintaining accurate records and ensuring the smooth functioning of your business. However, it is essential to know the potential risks of bookkeeper fraud.
Additionally, an expensereimbursement policy can streamline the reimbursement process, detailing what costs are reimbursable and the necessary documentation. This policy guarantees accurate tracking of organizational expenses and helps maintain financial stability.
The IRS requires documentation for all business expenses. Some companies provide employees with credit cards to cover expenses. Others expect employees to pay out-of-pocket expenses, reimbursing them when expense reports are approved. Not every expense is easily tracked.
If you decide not to do this on your own, we recommend partnering with an outsourced team of accountants and bookkeepers. Automated workflows expedite invoice processing and expensereimbursements. We often inherit accounting systems with poor data that prevent accurate financialstatements.
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