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Are too many cooks spoiling the broth? Use these accounting controls to manage your debt and credit

by , 16 April 2014
Poor financial management is the reason 34% of businesses fail. 12% of businesses fail because of bad record keeping. Part of this problem is that there are too many people involved in your financial management. For financial management to work you need to simplify the process. Here's how you can use accounting control to manage you debt and credit...

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Are you spending TOO MUCH on accounting costs?
 
REVEALED: The secret to reducing your audit fees…
 
The truth is you could pay less accounting fees while at the same time prevent fraud, save on tax and Vat costs and keep up to date on changing legislation.
 
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How can financial accounting controls help manage your debt and credit?
 
Investopedia explains what accounting control is perfectly. They say accounting control is a system that a business uses to make sure their statements are valid and accurate. 
 
They explain that accounting control can mean not letting your management team get involve with putting together statements. When too many people get involved in the finances, things can get confused. Your management may not know enough about finance to really put the statements together properly. 
 
An expert in finances can make your debt and credit clear on your statements. This will help you control your money better and pay back debt collectors. At the same time, you'll know how much extra money you have to spend. This will save you from taking out business loans that you don't need.
 
But how can you get started with accounting control?
 
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Use these four tips to establish internal controls of your finances 
 
Internal control has to begin with proper accounting information systems. This means tracking all of the financial information in your company. Good accounting information systems have to follow all the money that comes into and goes out of the business. 
 
Business Partners also provide more tips on how you get better accounting control. Four of these tips include:
 
1. Limit how much money you are spending
2. Learn about financial management
3. Look up your debtor management system
4. Look at your creditors
 
Follow these tips to help you get better accounting control and financial management in your business.
 


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