I always have to sit people down and force them to review the information. Companies can streamline travel and expense reports using electronic systems and pre- coded forms. In addition, controllers can urge employees to provide key financial information on purchase orders from the outset, institute the use of corporate charge cards for travel and smaller purchases and consider outsourcing freight payment processing. Controllers can integrate fixed assets into the general ledger. GL improvements can be made by capturing tax information when source documents are processed, adopting a standard chart of accounts for the entire company and reducing the monthly closing time.
Companies can set up separate codes for projects at the outset.
Originally published Jan. 25, 1999. 2000, Pro2Net Corporation. All Rights Reserved. 2001 Pro2Net Corp.