Doing your company's accounting is easy if you remember these three things
Accountants cost a fortune and you end up spending a chunk of your money that he manages, on his services. It's all very counterproductive, but what do you do? Your company's books have to be up-to-date to ensure you have proper financial management.
There's another option though! You can do your company's accounting yourself!
We know this seems daunting when you've never done it before, but we have three things you must remember that'll help you take back control of your company's accounting...c
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Three things to remember if you want to be your company's accountant
Accounting seems scary because of all the numbers, books and balancing you have to do. If you let it, it can really get out of control.
But you can avoid this numerical nightmare if you just remember to:
1. Apply internal controls
Doing your business accounting gets even more complicated when you have managers adding their two cents to the books. Create a system where only the people who need to have access to the books can access them.
2. Use all the tools available to you
Doing your company's books doesn't mean you have to actually use books anymore. Excel is actually one of the best ways to keep records. Because of the easy layout and formulas you can easily complete, manage and change the books whenever you need to. If you need help on how to make Excel work for you, our Practical Guide to Excel
3. Be consistent with updating your books
The easiest way for your books to get out of hand is to forget to update them. That's when you're going to face problems. You'll have expenses you're not sure about and income you forgot to include. Suddenly your cash flow won't make any sense and your profit and loss statements will have a big hole in them.
If you remember these three things, you'll be able to manage your company's accounting like a pro!
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