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Three easy steps to improve your company's accounting management in 2017

by , 22 February 2017
February is almost finished but you still have a chance to improve the way you run your company and do business. This includes your accounting management.

After all, if you can't manage your finances properly, your company won't grow.

Now's the time for you to make the changes you need to get your company to grow and succeed.

To help you do this, I'm going to show you three easy steps that will improve your accounting management and get you on the fast track to financial success in 2017.

Read on to find out what they are...

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Improve your company's accounting management with these three steps
Step #1: Move your accounting processes onto a digital online platform
Cloud accounting means you can access and use your accounting data anytime and anywhere. This means you don't need to be in the office to deal with accounting issues. You and your managers will be able to quickly handle any financial issues no matter where you are. 
This will help you improve the way you handle your company's accounting by streamlining all your processes. 
You'll also no longer need to bounce books back and forth between different departments. 
Read on for the next two steps…..

Step #2: Use your cloud accounting system to track payments
One of the biggest reasons businesses lose money is not getting payment from customers and clients. 
Use your system to track when you send a client an invoice and when they pay. You can set it to alert you to any late payments. 
This way you can start your processes for retrieving the money. You can also send out friendly reminders to them that they must pay. If they still don't pay, you can increase your efforts until finally you get payment. 
This way you'll never lose out because of a lost payment. 
Keep reading on for the last step on how to improve your company's accounting management.
Your key to quick, efficient, 100% correct and legally compliant financial statements:

  • Why you need financial statements;
  • Your legal accounting reporting obligations with IFRS, The Income Tax Act and The Companies Act of 2008;
  • The trial balance – the first step to creating your financial statements;
  • How to prepare your income statement and balance sheet;
  • Cross-checking with other reports, ledger, fixed assets register, inventory list etc.; and
  • Red flags to look out for.
Here's how to eliminate accounting errors and draw up perfect financial statements now
Step #3: Keep track of your expenses the right way
Another reason companies often lose money is because someone enters an expense incorrectly, or intentionally changes it to hide fraud. 
To stop this happening, enter all your expenses into an Excel spreadsheet first, then into your Cloud Accounting program. This way you can compare the records at the end of the month and make sure everything works out.

When it comes to your online accounting program, also add a security setting that stops anyone changing entries without authorisation that comes to you. 
This way you can make sure you keep track of all your expenses properly. 
And remember, the key to improving your business accounting management is to:
- Find a way to streamline your process into one easy to use solution;
- Create a system that will help you keep track any outstanding payments; and
- Control your expenses so you never pay more money than you should without realising it. 
If you follow these three steps, you'll be able to improve your company's accounting management in 2017 and make sure you achieve the growth you want.

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