finance Archives - FMT
Tips to avoid year-end expense management disaster
Regardless of the size of your business we all know closing the fiscal year is a challenging expense management task. Every department, from finance to accounting, is pushing hard to wrap up reports and prepare for the holidays. But here’s the deal: streamlining your expense management, creating a best practice process and using automation to increase visibility you can give your finance team the data they need to succeed. In this blog post, we show you how to accomplish that. How to create a best practice expense management process? When asked, most business would say their expense process is solid. But if you dig into it you can find a lot of struggles such as: • having a hard time accounting for employee’s expenses • swimming into a pool of receipts • unresolved discussions between the accountant and the receipt submitting employee for more information • undocumented expenses that […]
Are You Making Sales Tax Mistakes?
For many companies, when the topic of sales tax comes up, the first response from most of the staff will be, “What’s the big deal? I just need a rate.” But when you ask a Controller or Finance professional, their first response is usually, “They don’t understand. It’s so much more than a rate.” Sales tax is more complex than ever and the rules of the game are constantly changing, making it increasingly difficult to maintain accuracy. Even the most seasoned tax professionals would have to be super human to be 100% on top of current rates, rules, jurisdictions, exemptions, and holidays. Here’s why different responses in the same company are a problem: Over 70% of the time, the tax and accounting departments aren’t even responsible for managing tax compliance (charging sales tax, collecting exemption certificates, etc…). For many companies, it’s the credit department who carries that burden. This disconnect […]