I did lots of implementation and demonstration for QuickBooks. Some of them were newly set up company.
The problem with the newly setup company was the bosses had lots of bits and pieces of “claims”. Usually, these expenditures that they paid on behalf of the company were intended to claim it back at the later stage.
For those who were more organized, they will usually record it down into either a “proper” paper (with expenses claim form) or in a Spreadsheet. Those who were less organizing, it may end up a mess to the accounts department. Some of those, who were usually the business partner, issue cheque to themselves without a payment voucher or claim form attached. These will resulted in confusion to the accounts when recording expenses or in doing the bank reconciliation at the later stage (some of them may only be recorded it in a few months later or after they have hire the accounts staff).
Since you are going to record it sooner or later, why don’t you start it now?
Instead of using a spreadsheet to record your expenses, why don’t you consider recording it into accounting software?
How much does it cost and how easy can it be?
If you don’t need multicurrency and multi-user, what you need to invest is just less than S$400.00 (usually entry –level accounting software will not cost you much)
In the next coming blog, I will illustrate the methods of capturing these expenditures with QuickBooks accounting software. Stay with my blog to find out more.