What is Not an Expense Account? Avoid Errors!

An expense account, a facility often managed with tools like Expensify, fundamentally reimburses employees for business-related costs, but its scope is definitively bounded, a delineation every CFO should understand. Clear policies, often articulated within a company's financial guidelines, dictate the legitimate uses of such accounts, ensuring compliance with regulations set forth by entities like the IRS. Determining what is not an expense account requires careful examination of expenditures that do not directly benefit the company, such as personal leisure activities, which should never be submitted as reimbursable claims, a principle understood by experts like Stephen Covey, who emphasizes ethical conduct in all business practices.

Understanding Expense Reporting and Management: A Foundation for Financial Integrity

Expense reporting and management are cornerstones of sound financial practice, often underestimated yet critical for maintaining accuracy, ensuring compliance, and fostering overall fiscal health within an organization. This section delves into the essence of these processes, illuminating their purpose and significance.

Defining Expense Reporting and Management

At its core, expense reporting is the systematic process by which employees document and submit their business-related expenditures for reimbursement. This includes a wide array of costs, ranging from travel and accommodation to meals, client entertainment, and office supplies.

Expense management, on the other hand, encompasses the policies, procedures, and controls that govern how these expenses are incurred, reported, and processed. It is a broader framework designed to optimize spending, minimize errors, and prevent fraud.

The primary purpose is multifaceted:

• To ensure accurate reimbursement of legitimate business expenses.
• To provide a clear audit trail for financial oversight.
• To facilitate informed decision-making regarding resource allocation.

The Importance of Accurate Expense Reporting for Financial Accuracy

Accuracy in expense reporting is paramount for maintaining the integrity of financial statements. Erroneous or incomplete reports can lead to misstated earnings, skewed profitability metrics, and ultimately, a distorted view of the company's financial performance.

Furthermore, accurate expense data is essential for effective budgeting, forecasting, and cost control. By understanding where money is being spent, organizations can identify areas for optimization and make strategic investments that drive growth.

Compliance: Adhering to Policies and Regulations

Expense reporting plays a vital role in ensuring compliance with both internal policies and external regulations. Companies typically establish detailed expense policies that outline acceptable spending limits, required documentation, and approval procedures.

These policies serve to prevent abuse, promote responsible spending, and safeguard company assets.

Moreover, expense reporting must adhere to relevant tax laws and accounting standards. Incorrectly classified or undocumented expenses can result in penalties, fines, and reputational damage.

Maintaining meticulous records and seeking guidance from tax professionals are crucial steps in ensuring compliance.

Impact on Budgeting, Tax, and Overall Financial Health

Effective expense management has a far-reaching impact on an organization's financial well-being.

By controlling costs and optimizing spending, companies can improve their bottom line, increase profitability, and enhance shareholder value.

Moreover, accurate expense data is essential for tax planning and compliance. Properly documented expenses can be deducted from taxable income, reducing the company's tax burden.

Furthermore, efficient expense management contributes to improved cash flow, better resource allocation, and a stronger overall financial position. It's not merely about tracking numbers; it's about fostering a culture of financial responsibility and strategic decision-making.

Key Stakeholders in the Expense Management Process

Understanding Expense Reporting and Management: A Foundation for Financial Integrity Expense reporting and management are cornerstones of sound financial practice, often underestimated yet critical for maintaining accuracy, ensuring compliance, and fostering overall fiscal health within an organization. This section delves into the essence of these processes by examining the key individuals and departments that play pivotal roles in ensuring their effectiveness.

Employees: The Originators of Expense Data

At the very foundation of the expense management process are the employees who incur business-related expenses. Their role is paramount. They are directly responsible for:

• Accurate and timely submission of expense reports.
• Providing detailed documentation (receipts, invoices).
• Offering clear justifications for each expense incurred.

This initial stage sets the tone for the entire process. Employee diligence is critical to maintaining data integrity. Without it, even the most sophisticated systems will be rendered ineffective.

Managers/Supervisors: Gatekeepers of Approval

Managers and supervisors act as the first line of defense in the expense review process. Their responsibilities include:

• Verifying the legitimacy of each expense.
• Ensuring that the reported expenses align with company policy.
• Approving or rejecting expense reports based on their evaluation.

Their role requires a solid understanding of company policies, as well as a sense of discernment to detect potentially fraudulent claims. The efficiency and integrity of this process hinge on their vigilance.

Accountants: Processing and Reconciliation Experts

Accountants are tasked with processing approved expense reports, reconciling expense accounts, and ensuring correct categorization. Their core duties are:

• Entering expense data into accounting systems.
• Matching expense reports with supporting documentation.
• Reconciling expense accounts to identify and resolve discrepancies.

Accountants must possess a deep understanding of accounting principles and attention to detail to maintain accurate financial records.

The Finance Department: Policy Architects and Guardians

The finance department plays a strategic role in expense management by:

• Establishing clear and comprehensive expense policies.
• Monitoring compliance with these policies.
• Providing guidance and support to employees regarding expense-related matters.
• Implementing internal controls to mitigate risks.

The finance team oversees the entire expense reporting process, ensuring its alignment with organizational goals and regulatory requirements.

Auditors: Ensuring Compliance and Preventing Fraud

Auditors serve as independent reviewers who assess the effectiveness of expense management processes. This role is critical for:

• Evaluating compliance with company policies.
• Identifying potential fraud or abuse.
• Recommending improvements to internal controls.

Audits may be conducted internally or by external firms. They are vital for maintaining transparency and accountability.

Tax Professionals: Navigating Tax Implications

Tax professionals play a crucial role in ensuring the correct tax treatment of expense reimbursements.

• They ensure compliance with IRS regulations.
• They understand deductible expenses.
• They provide guidance on minimizing tax liabilities related to expense reporting.

Their expertise is essential for accurate tax reporting and compliance.

Bookkeepers: Meticulous Record Keepers

Bookkeepers are responsible for maintaining accurate and up-to-date financial records, including all expense data. They:

• Record financial transactions.
• Ensure that all expenses are properly documented and categorized.
• Generate reports that provide insights into spending patterns.

Their meticulous record-keeping is crucial for informed decision-making.

Defining and Enforcing Expense Policies: A Collaborative Effort

Defining and enforcing expense policies is a collaborative effort that involves multiple stakeholders.

• The finance department typically drafts the policy.
• Management provides input and approves the policy.
• HR communicates the policy to employees.
• Compliance teams ensure its consistent application.

Effective enforcement requires a clear understanding of the policy, consistent application, and appropriate consequences for violations.

Core Accounting and Financial Principles in Expense Reporting

Understanding Expense Reporting and Management: A Foundation for Financial Integrity.

Expense reporting and management are cornerstones of sound financial practice, often underestimated yet critical for maintaining accuracy, ensuring compliance, and fostering overall fiscal health within an organization. Before diving into the intricacies of processes and tools, it's vital to anchor ourselves in the core accounting and financial principles that dictate how expenses are handled, categorized, and reported. A solid grasp of these concepts ensures not only compliance but also a more insightful understanding of the financial implications of every expense incurred.

Capital Expenditures vs. Operational Expenses: Understanding the Distinction

The first fundamental principle lies in differentiating between Capital Expenditures (CapEx) and operational expenses. CapEx refers to investments in long-term assets that will benefit the company for more than one accounting period, such as property, equipment, or significant software upgrades. These are typically capitalized and depreciated over their useful life.

Operational expenses (OpEx), on the other hand, are the day-to-day costs of running the business, such as rent, utilities, salaries, and office supplies. OpEx is expensed in the period it's incurred. This distinction is crucial for accurate financial reporting and impacts a company's balance sheet and income statement differently.

Separating Personal and Business Expenses: A Non-Negotiable Rule

A cardinal rule in expense reporting is the unwavering separation of personal and business expenses. Personal expenses, even if incurred during business travel or activities, are strictly non-reimbursable and must never be included in expense reports. Blurring this line can lead to serious ethical and legal repercussions, including tax fraud. Companies must have clear policies outlining what constitutes a legitimate business expense and enforce these policies rigorously.

Accruals: Recognizing Expenses When Incurred

The concept of accruals is vital for understanding when expenses should be recognized. Accrual accounting dictates that expenses are recognized when they are incurred, regardless of when the payment is made.

For example, if a service is received in December but the invoice is paid in January, the expense should be recorded in December to accurately reflect the financial activity of that period. This provides a more realistic view of a company's financial performance.

Materiality: Assessing the Significance of Expenses

Materiality refers to the significance of an expense in relation to the overall financial statements. An expense is considered material if its omission or misstatement could influence the decisions of users of the financial statements.

While every expense should be accurately recorded, the level of scrutiny and detail required may vary depending on its materiality. However, even seemingly small, immaterial expenses, if consistently misreported, can accumulate and distort the overall financial picture.

Salaries, Wages, and Expense Reimbursements: Distinctions Matter

Salaries and wages represent compensation for services rendered and are subject to payroll taxes and deductions. Expense reimbursements, however, are intended to cover legitimate business-related expenses incurred by employees on behalf of the company. These reimbursements should not be treated as income and are not subject to payroll taxes, provided they adhere to IRS guidelines and company policies.

Employee Benefits: Impact on Overall Compensation

Employee benefits, including healthcare, retirement plans, and other perks, represent a significant portion of an employee's overall compensation. While not directly part of expense reports, understanding their impact on the total cost of employment is crucial for budgeting and financial planning. These benefits affect a company's financial obligations and must be carefully considered when evaluating compensation packages.

Budget Constraints: Managing Expense Requests Effectively

Overall budget constraints play a significant role in the approval and management of expense requests. Companies must establish clear budgeting processes and guidelines for expense requests, particularly during periods of financial uncertainty or cost-cutting initiatives. Budgeting and forecasting provide a framework for managing expenses within defined limits, ensuring that resources are allocated effectively and strategically.

Chart of Accounts: Categorizing Expenses for Clarity

The Chart of Accounts (COA) is a structured list of all the accounts used to record financial transactions in a company's general ledger. Defining clear expense categories and assigning appropriate codes within the COA is essential for proper classification and reporting.

This allows for easy tracking and analysis of expenses, enabling better decision-making and financial control. A well-designed COA is the backbone of effective expense management and financial reporting.

GAAP: A Framework for Compliance

Following Generally Accepted Accounting Principles (GAAP) is paramount for ensuring consistency and comparability in financial reporting. GAAP provides a common set of standards and guidelines that govern how financial transactions should be recorded and reported. Adherence to GAAP ensures that expense reporting is transparent, reliable, and compliant with regulatory requirements.

Tax Deductibility: Maximizing Financial Benefits

Finally, it's crucial to consider the tax deductibility of expenses. Many business-related expenses are tax-deductible, reducing a company's taxable income and overall tax liability. However, the IRS has specific rules and regulations regarding deductible expenses, and it's essential to consult with tax professionals to ensure compliance and maximize potential tax benefits. Understanding these nuances can significantly impact a company's bottom line.

Expense Reporting Processes and Procedures: A Step-by-Step Guide

Building upon a solid understanding of core accounting principles, let's now delve into the practical application of expense reporting. This section provides a detailed, step-by-step guide to navigating the expense reporting process, from initial submission to final reconciliation. A clear grasp of these procedures is crucial for both employees and management to ensure accuracy, efficiency, and compliance.

Submitting Expense Reports: A Clear and Concise Approach

The first step in the process is, of course, the submission of the expense report itself. Clarity and accessibility are paramount here. Employees need to be provided with clear guidelines on how to properly document and submit their expenses.

This includes specifying the required format, the submission deadline, and the channels through which reports should be submitted (e.g., online portal, email).

Required Documentation: Receipts, Invoices, and Justifications

Expense reports are only as good as the documentation that supports them. Receipts and invoices are the bedrock of any credible expense claim. Employees should be instructed to retain all original receipts for any expenses incurred.

In cases where a receipt is not available, a detailed explanation, or justification, should be provided. This explanation should include the date, amount, nature of the expense, and the reason for the missing receipt. The justification must be credible and align with company policy.

Leveraging Expense Reporting Software for Automation and Efficiency

In today’s digital landscape, manual expense reporting is a relic of the past. Expense reporting software can significantly streamline the entire process, reducing errors and improving efficiency.

These systems often offer features such as automated expense tracking, receipt scanning via mobile apps, and built-in compliance checks to ensure adherence to company policy.

The integration of such software not only simplifies the submission process for employees but also provides management with real-time visibility into spending patterns.

The Manager's Role: Verifying Expense Legitimacy

Managers and supervisors play a pivotal role in verifying the legitimacy of expense reports. They are responsible for ensuring that the expenses claimed are reasonable, necessary, and directly related to business activities.

This often involves cross-referencing expense claims with travel itineraries, meeting schedules, and other supporting documentation. A vigilant manager is the first line of defense against fraudulent or inaccurate expense claims.

Navigating Approval Workflows and Authorization Limits

Once an expense report has been submitted, it enters an approval workflow. This workflow defines the path that the report must follow to gain final authorization. The complexity of the workflow will often depend on the amount of the expense and the employee's level within the organization.

Companies often establish authorization limits, which dictate the maximum amount that can be approved by a particular individual. This helps to ensure that larger expenses are subject to greater scrutiny.

Processing Expense Reports in Accounting Software

After approval, the expense report is processed in the company's accounting software. This involves recording the expenses in the general ledger, assigning them to the appropriate accounts, and preparing for reimbursement.

Accuracy in this step is critical for maintaining the integrity of the company's financial records. Errors in expense coding can lead to inaccurate financial reporting and potentially impact tax liabilities.

Account Reconciliation: Ensuring Accuracy and Completeness

Account reconciliation is the final step in the expense reporting process. This involves comparing the expenses recorded in the accounting system with the actual payments made to employees.

Any discrepancies should be investigated and resolved promptly. This process helps to ensure that all expenses have been properly accounted for and that the company's financial records are complete and accurate.

Adherence to Company Expense Policies: The Cornerstone of Compliance

Throughout the entire expense reporting process, adherence to company expense policies is paramount. These policies outline the rules and guidelines governing what expenses are reimbursable, the documentation required, and the approval process.

Clear and well-defined expense policies are essential for ensuring fairness, consistency, and compliance.

Training and Education: Equipping Employees for Success

Finally, it is essential to provide employees with adequate training and education on company expense policies and procedures. This training should cover topics such as:

• What constitutes a reimbursable expense
• How to properly document expenses
• The steps involved in submitting an expense report

Ongoing training and communication are crucial for maintaining a culture of compliance and minimizing errors. By investing in employee education, companies can significantly improve the accuracy and efficiency of their expense reporting processes.

Tools and Technologies for Streamlining Expense Management

Expense management, once a cumbersome process riddled with manual data entry and paper receipts, has undergone a significant transformation thanks to technological advancements. A range of software and tools have emerged, designed to automate and simplify the entire expense reporting lifecycle. This section delves into the features and benefits of these solutions, providing an overview of how businesses can leverage technology to optimize their expense management processes.

The Rise of Expense Reporting Software

Expense reporting software has become a cornerstone of modern finance departments. These platforms offer a comprehensive suite of features designed to streamline every aspect of the expense reporting process.

Automated tracking, receipt scanning, and compliance checks are just a few of the capabilities that contribute to increased efficiency and accuracy.

These systems eliminate the need for manual data entry, reducing the risk of errors and freeing up valuable time for finance professionals.

Examples of popular expense reporting software include Expensify and Concur. These platforms offer a range of features, from mobile receipt capture to automated policy enforcement.

Integrating Accounting Software for Seamless Data Flow

The integration of expense reporting software with accounting systems like QuickBooks and Xero represents a significant step forward in streamlining financial processes.

This integration allows for a seamless flow of data between the two systems. It eliminates the need for manual data transfer and ensuring that expense data is accurately reflected in the general ledger.

Furthermore, integration facilitates real-time visibility into expenses.

This capability empowers businesses to make more informed decisions based on up-to-date financial information.

Receipt Scanning Apps: Capturing Data on the Go

Receipt scanning apps have revolutionized the way expenses are tracked and documented. These apps allow employees to capture images of receipts using their smartphones.

Optical Character Recognition (OCR) technology is then used to extract relevant data from the receipt, such as the vendor name, date, and amount.

This data is automatically populated into the expense report, eliminating the need for manual data entry.

This not only saves time but also reduces the risk of errors associated with manual data input.

The convenience of receipt scanning apps encourages employees to submit expense reports in a timely manner, improving the overall efficiency of the expense management process.

Credit Card Statements: A Powerful Verification Tool

Credit card statements can be a valuable tool for verifying expense claims and detecting discrepancies. By comparing credit card transactions with submitted expense reports, finance teams can identify potential errors or fraudulent activity.

Discrepancies between the two sets of data may indicate that an expense was not properly documented or that a personal expense was inadvertently included in the expense report.

Regularly reviewing credit card statements can help to ensure the accuracy and integrity of expense data. Furthermore, it strengthens the overall internal controls surrounding expense management.

Common Expense Reporting Errors and Mitigation Strategies

Expense management, once a cumbersome process riddled with manual data entry and paper receipts, has undergone a significant transformation thanks to technological advancements. A range of software and tools have emerged, designed to automate and simplify the entire expense reporting lifecycle. However, even with these advancements, errors persist. These errors, if left unchecked, can lead to financial inaccuracies, compliance violations, and even fraudulent activities. This section identifies common pitfalls in expense reporting and proposes strategies to mitigate them, fostering accuracy and compliance within organizations.

Categorizing Common Expense Reporting Errors

Understanding the types of errors that commonly occur is the first step in preventing them. These errors often stem from a lack of understanding of company policies, unintentional oversights, or, in some cases, deliberate attempts to defraud the company.

Submitting Personal Expenses

One of the most frequent errors is the submission of personal expenses for reimbursement. Employees might mistakenly believe certain personal items are work-related, or they may intentionally try to pass off personal purchases as business expenses.

Clear policies and examples are crucial to avoid these misunderstandings.

Inflated Expense Claims

Inflating expense claims involves exaggerating the amount spent on a legitimate business expense. This could range from overstating mileage to adding extra charges to restaurant bills.

Such practices undermine financial integrity and erode trust within the organization.

Missing Receipts

Receipts are the cornerstone of expense verification. Submitting expenses without proper documentation makes it difficult to validate the claim.

Missing receipts can lead to delayed reimbursements and, in some cases, denial of the claim altogether.

Duplicate Expense Claims

Submitting the same expense more than once, whether intentionally or accidentally, constitutes a duplicate claim. This can happen due to organizational inefficiencies or a lack of proper tracking mechanisms.

Non-Compliance with Company Policy

Organizations have specific expense policies that outline what is and isn't reimbursable. Errors arise when employees fail to adhere to these policies. This could involve exceeding spending limits, claiming expenses not covered by the policy, or violating approval procedures.

Claiming Expenses Outside of Policy Coverage

This issue arises when employees seek reimbursement for expenses that explicitly fall outside the scope of the company's expense policy. Examples include claiming for entertainment expenses that exceed specified limits or including travel costs for unauthorized destinations.

Lack of Approval

Most companies require expense reports to be approved by a supervisor or manager. Submitting expenses without the necessary approvals violates internal controls and can lead to unauthorized reimbursements.

Incorrect Expense Coding

Assigning expenses to the wrong general ledger account can distort financial reporting.

Incorrect expense coding makes it challenging to track spending accurately and can lead to misinformed business decisions.

Failing to Segregate Personal and Business Expenses

This happens when employees mix personal and business expenses on the same receipt or fail to differentiate between the two when submitting their report. This can create confusion and make it difficult to determine the actual amount spent on legitimate business activities.

Mitigation Strategies for Expense Reporting Errors

Once the common errors are identified, businesses must implement proactive strategies to mitigate them. These strategies should focus on education, automation, and rigorous oversight.

Clear and Accessible Expense Policies

The cornerstone of effective expense management is a clear, comprehensive, and easily accessible expense policy. The policy should define:

• What constitutes a reimbursable expense.
• Spending limits for different categories.
• Required documentation.
• Approval procedures.
• Consequences of non-compliance.

The policy should be readily available to all employees, and regular updates should be communicated clearly.

Regular Training and Communication

Training programs should be conducted regularly to educate employees on expense policies and procedures. These programs should cover:

• How to properly submit expense reports.
• The importance of accurate documentation.
• Common errors to avoid.
• The consequences of fraudulent claims.

Ongoing communication through newsletters, memos, and intranet postings can reinforce the importance of compliance and keep employees informed of policy updates.

Automated Expense Tracking and Compliance Checks

Technology plays a crucial role in error prevention. Implementing automated expense tracking systems can streamline the reporting process and reduce the risk of human error. These systems can:

• Automatically categorize expenses.
• Match receipts to transactions.
• Flag policy violations.
• Enforce approval workflows.

Furthermore, compliance checks can be built into the system to ensure that all submissions meet the required standards before being approved.

Auditing and Oversight Mechanisms

Regular audits of expense reports can help identify and correct errors. Auditing should be conducted by an independent party to ensure objectivity. Oversight mechanisms, such as periodic reviews by supervisors and managers, can also help detect irregularities and prevent fraudulent activities.

Navigating Regulatory and Compliance Requirements for Expenses

Expense management, once a cumbersome process riddled with manual data entry and paper receipts, has undergone a significant transformation thanks to technological advancements. A range of software and tools have emerged, designed to automate and simplify the entire expense reporting lifecycle. However, even with the most sophisticated systems in place, a critical element remains: adherence to regulatory and compliance requirements. Neglecting this aspect can expose businesses to significant legal and financial repercussions.

Understanding the intricate web of IRS guidelines and compliance mandates is crucial for maintaining not only financial accuracy but also operational integrity. This section delves into the key regulatory considerations that businesses must navigate when managing expenses, highlighting the role of tax professionals in ensuring compliance.

IRS Regulations for Deductible Expenses

The Internal Revenue Service (IRS) sets forth specific rules regarding what expenses can be legitimately deducted from a company’s taxable income. These regulations are designed to prevent abuse and ensure fairness in the tax system.

To be deductible, an expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or business.

Furthermore, the IRS requires that businesses maintain meticulous records to substantiate their deductions. This includes receipts, invoices, and any other documentation that proves the expense was incurred for business purposes.

Documentation: The Cornerstone of Compliance

Accurate and complete documentation is the cornerstone of compliant expense reporting. Without proper records, businesses risk having their deductions disallowed by the IRS, potentially leading to penalties and interest charges.

• Receipts: Original receipts are essential for all expenses, regardless of the amount. These should clearly show the date, vendor, amount, and nature of the expense.
• Invoices: Detailed invoices are required for larger purchases or services. These should include a breakdown of the goods or services provided, along with the payment terms and conditions.
• Travel Records: For travel expenses, businesses must maintain records of the dates, destinations, and business purpose of the trip. This may include itineraries, conference agendas, and client meeting notes.
• Expense Reports: Detailed expense reports should be prepared for all employee expenses, including receipts and any additional required information as dictated by company policy.

Compliance Requirements for Expense Reimbursements

Expense reimbursements are subject to specific compliance requirements under the IRS regulations. These requirements are designed to prevent employees from using expense reimbursements as a means of avoiding taxes.

One key requirement is that reimbursements must be made under an accountable plan.

What is an Accountable Plan?

An accountable plan is a system that meets specific criteria set by the IRS. Under an accountable plan, reimbursements are:

• For business expenses that the employee paid or incurred.
• Adequately accounted for within a reasonable period of time.
• Returned to the employer any amounts paid under the arrangement in excess of the expenses.

If these requirements are met, reimbursements are excluded from the employee’s gross income and are not subject to payroll taxes. Conversely, if the plan is non-accountable, reimbursements are treated as wages, subject to income tax and payroll taxes.

The Vital Role of Tax Professionals

Navigating the complexities of expense reporting regulations can be daunting, especially for small and medium-sized businesses. This is where tax professionals play a crucial role.

Tax professionals possess the expertise to interpret and apply IRS guidelines, ensuring that businesses remain compliant with all applicable laws and regulations.

How Tax Professionals Help:

• Policy Development: Assist in developing comprehensive expense policies that align with IRS regulations and industry best practices.
• Training and Education: Provide training to employees on proper expense reporting procedures and documentation requirements.
• Compliance Reviews: Conduct regular reviews of expense reports to identify potential compliance issues and recommend corrective actions.
• Audit Support: Represent businesses during IRS audits, providing documentation and explanations to support their deductions.
• Tax Planning: Advise on tax-efficient strategies for managing expenses and maximizing deductions.

In conclusion, adhering to regulatory and compliance requirements is not merely an administrative formality but a critical component of sound financial management. By understanding IRS guidelines, maintaining accurate records, and leveraging the expertise of tax professionals, businesses can mitigate risk and ensure the integrity of their expense reporting practices.

So, next time you're looking at your budget and wondering if something qualifies, remember this breakdown of what is not an expense account. Knowing the difference can save you a lot of headaches (and potentially a talking-to from accounting!). Good luck keeping those finances in order!