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Use these two simple accounting tips to manage your company's key numbers

by , 25 September 2014
The key to accurate accounting is keeping all your numbers in order. But when there are so many numbers, where do you even begin?

Luckily, it's easier than you think! It just takes a bit of careful planning and organisation.

To help you do this, we have two simple accounting tips. These tips give you the edge you need to manage your company's key numbers so they never end up an inaccurate mess...

 

These are the two accounting tips you should use to manage your key numbers

 
Tip #1: Keep the original records
 
You need to keep a paper trail to substantiate your accounting data. This paper trail will give you a reference point to check the numbers you entered into your accounting.
 
Keep every invoice, receipt, bank statement and any documents that prove a financial transaction took place between your company and someone else.
 
You must date these records so you know when you entered the figures into your accounting.
 
Then file them away according to the month and transaction types. 
 
Here's the second tip.
 
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Tip #2: Limit the people that can enter and change your accounting data
 
You must limit the people who can enter and change data in your accounting records to you, your accountant and financial department.
 
This ensures other employees or managers can't get into the records and change amounts to benefit themselves or hide financial mistakes.
 
At the end of the month, lock your accounting spreadsheets. You can do so easily if you use Excel, so no one can alter them later on. It will ensure you can keep your records accurate.
 
Just by using these two tips you can manage your company's accounting data and always enter the right numbers. 
 


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