Accurate Financial Record-Keeping:
- Daily recording of financial transactions (income, expenses, purchases, sales)
- Categorization of transactions into appropriate accounts (e.g., accounts receivable, accounts payable, inventory)
- Maintenance of a general ledger to track all financial activity
Financial Reports:
- Preparation of basic financial statements, including:
- Income statement (profit and loss)
- Balance sheet
- Cash flow statement
Bank Reconciliation:
- Regular reconciliation of bank statements with the company's records
- Identification and correction of discrepancies.