What processes are in place?
Having a process written down allows it to be analysed and tailored to make processes more effective.
A process describes how something is done. It is also a system.
Many don’t know that there is an accounting process.
The accounting process starts with the first transaction and ends with the closing of books and creation of year end reports.
The accounting process usually happens over a term so is also referred to as the accounting cycle.
It involves many tasks, including but not limited to the following:
- Capturing, recording & allocating transactions
- Checking the accounts balance, preparing a trial balance
- Correcting any errors
- Making adjustments for debts and credits outstanding
- Closing off accounts at the end of the financial year.
Having processes in place means business owners can ensure their businesses run smoothly and efficiently.
Get time back by reviewing processes regularly. There might be a better way!