Keeping Accurate Records
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Bookkeeping allows you to maintain accurate accounting records on a daily basis and keep real-time financial data at your finger tips. Real-time information is vital if you want to make sound business decisions, take advantage of all deductions, avoid overpaying taxes or getting hit with penalties and fees.
Caution: Bad Records
When your accounting/bookkeeping records are not in order you are likely overpaying in unnecessary state/federal taxes, fines, penalties, wages, wasted time, stress, and above all increased audit risks.
Comparing transactions and balances is vital for any Idaho business because it avoids overdrafts on cash accounts, stops fraudulent or overcharged credit card transactions, and highlights other negative activity such as stolen or incorrectly recorded income and expense entries.
Reconciliation will prevent your company from paying overdraft fees, improper spending and serious issues such as embezzlement.
Data entry is the process of logging, recording, labeling, assessing and producing reports to will help you understand your financial position. These reports are also used to pay taxes, apply for loans, be approved for leases, and in the preparation of your business taxes.
Financial statements are a collection of reports about an Idaho business’s financial results, financial condition, and cash flows. They are useful for the following reasons:
- To determine the ability of a business to generate cash, sources and uses of that cash.
- To determine whether a business has the capability to pay back its debts.
- To track trending financial results and spot future profitability issues.
- To investigate the details of certain business transactions.
Financial Statements Content
- Balance sheet. Shows the business’s assets, liabilities, and equity as of the report date.
- Income statement. Shows the results of the business’s operations and financial activities for the reporting period. It includes revenues, expenses, gains, and losses.
- Statement of cash flows. Shows changes in the business’s cash flows during the reporting period.
A general ledger, or GL, is an accepted method for tracking an Idaho company’s total financial accounts. Accounts typically recorded in a general ledger include:
- and income or revenue
General Ledger Process
- Making a general ledger begins with creating a journal or log with the details of every business transaction, as each transaction occurs.
- Then categorize each transaction under a relevant account, such as sales, cash, or accounts payable.
- At regular intervals, reconcile the information inside these accounts.
- Once complete, transfer your journal entries to the general ledger.
GL Reconciliation Process
Reconciliation involves checking each account within a general ledger to verify accuracy. The process begins by gathering the information for each account, then examining all journal entries which have been made to correct errors in the ledger. Balances in the general ledger are compared against financial data, such as bank statements. If discrepancies are found, reconciliation requires investigating for unusual transactions, or otherwise explaining the error.
The purpose of financial analysis is to examine past and current financial data so that your Idaho company’s performance and financial situation can be evaluated and future risks and potential can be determined. Financial statement analysis will provide valuable information about trends, company’s earnings, and the strengths and weaknesses of its financial position.
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