Businesses that don’t do accounting are doomed to fail. Start-up businesses need to know how their accounting functions have to be done. It is very important to learn and form the appropriate habits of recording and performing the accounting functions so that the documents and reports stay organized and the information is ready for use anytime.
There various accounting functions that you have to consider in managing your finances. Basic duties include:
Be consistent in keeping an organized system of filing your documents and files. If you are planning to do the business reports that will assess your fiscal health, be comfortable with the balance sheet, cash flow statement, and the income sheet. They are your friends whenever you need to comply with accounting regulations.
Here is a checklist of the accounting functions that you need to do daily, weekly or regularly. It is always best to develop a habit of keeping your accounting system updated.
For your daily accounting functions:
For your weekly accounting functions:
These daily and weekly accounting functions need to be promptly attended to because the monitoring of the cash flow depends on an organized accounting system.
If you can’t handle the accounting yourself, make sure you get an accountant to do it for you. without a set accounting information and system in place, you will have difficulties in managing the financial aspect of your business and are setting yourself up for failure
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