The financial record.
WHAT THEY MUST DO
Record every transaction Produce financial statements Support tax compliance Provide an audit trail Handle the currencies you operate in
WHAT SMALL BUSINESSES NEED
Invoicing Expense recording Bank reconciliation Basic reporting Tax computation support
WHAT BANK RECONCILIATION DOES
Matches recorded transactions against bank statements.
WHY IT IS ESSENTIAL
It is the primary control proving records reflect reality.
WHAT TO RECONCILE
Every bank account, every month, without exception.
WHAT UNRECONCILED ITEMS INDICATE
Errors, omissions, or misappropriation.
WHAT AUTOMATED BANK FEEDS PROVIDE
Transactions imported, reducing entry and reconciliation effort.
WHAT TO VERIFY
That feeds are complete, and have not silently stopped.
WHAT INVOICE MANAGEMENT SHOULD SUPPORT
Issuing Tracking payment Ageing Reminders
WHY AGEING MATTERS
Receivables are cash not yet collected, and old ones frequently never are.
WHAT TO AUTOMATE
Reminders, before and after due dates.
WHAT TO ESTABLISH
Who may issue credit notes, and with what approval.
WHY
They reduce revenue and are a route for misappropriation.
