Its an all too familiar story: Its Friday afternoon, and you need to finish your accounts and get those invoices out so you can stay in control of your cash flow. You look over your staff timesheets and see that, as you predicted, many of your staff havent submitted them yet. You chase them up, only to find out that one of your staff is at a meeting at a client site and cannot be contacted, and a couple more have already left for the weekend. Then there are those that have to be told three times to do their timesheets. How are you supposed to cope with this and still have time to run your business?
There are a number of methods to deal with this type of situation when it occurs. There is always the possibility that you will find yourself in this situation even with the very best of planning, so you need to have some kind of coping strategy. Here are a few coping mechanisms that you can use:
1 Wait until next week to do your invoicing. This method is probably the easiest solution to handle from an accounting point of view, and it means you can go home early too! However, if you are currently struggling with cash flow this may not be an option.
2 ...
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