Remove Expense Reimbursements Remove financial statements Remove Legal
article thumbnail

Errors in Posting Payroll

SMBAccountant

This can include deductions for Social Security, Medicare, federal and state income taxes, health insurance, 401k, child support, expense reimbursements, and many others. When posting the net pay as the business’s expense, all those deductions that were paid by the employee are reducing the company’s expense.

payroll 130
article thumbnail

Protecting Your Business: What Every Business Owner Needs to Know About Bookkeeper Fraud

Basis 365

Expense Reimbursement Fraud: Submitting false expense reports for personal expenses. Warning Signs Frequent unexplained cash shortages or discrepancies in financial records. Implement segregation of duties, ensuring multiple employees oversee financial processes.

article thumbnail

5 Ways to Streamline Nonprofit Financial Management

inDinero Accounting

Additionally, an expense reimbursement 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.