As a project manager you should make sure all your team members submit claims, hours, expenses etc as soon as possible, and definitely before the end of month accounting date.
If that information comes in late the profit/margin on the project can quickly change and affect plans.
The hours must also be made to the correct project. You don’t want hours suddenly being transferred to your project from a few months ago because they were incorrectly allocated. This could make an in profit project suddenly be making a loss. If it was done correctly first time, the losses could have been seen earlier and planned or allowed for.