Timely Bookkeeping and Accounting records are essential for the business success, Medium or small business. Some of the very popular and well reputed business is falling into the well because their disorganized accounting services. Small and medium size enterprise are more susceptible due to poor Accounting Services.
This time most of the business is more reliant on cash flow, most of the business knows only basic about the accounting. They believe accounting services are most suitable for medium or large size business because of they have more assets.
This time the most of business fails due to them run their business like their personal finance, checking the bank accounts and pay bills when they have funds.
The worst situation in the business is they believe they hire bookkeeper not Hire an Accountant. The problem is staring from the here because of they know very little about the proper accounting.
How do we know make sure our business is not one of these?
The solution is we need to know about the basic of accounting and financial.
Top 3 Accounting Tasks you Should Do:
Bank Account Reconciliation:
A bank Proper Bank Reconciliation is very important for any business, a proper Reconciliation means that you have enough data about your bank details.
Many Business Enterprise makes the common mistake like they are waiting for the bank statement for their Bank Reconciliation their account, but it’s not the right way because of they come to end of the month so you cannot reliably on that only.
The famous quote about the business “an unhappy vendor is an unhappy customer”. No one like to pay bills, to avoid this situation make sure your customer receipt is recorded in time.
Other Transaction Entries:
When you run a business, then you have to do so many transactions like Vendor payments, interest payments and bank Interest. That’s all you need to record time into your record. Most of the bookkeeper has done this before the bank reconciliation.
As you grow and business requirement need to develop your own accounting cycle, but this guide should help you in good start. Whether you are a business owner or bookkeeper, it’s important to update in your finances with the times, its help you on top of business.
If you are a business owner then you take care about your business financial strategy, its the only way to know of your business financial health.
Are you struggling about your daily accounting tasks?
Contact us here, the manage your accounting effectively and you focus on your business core function to fly your business top in your industry.