If you’re a business owner, it’s important to make sure that all of your transactions are properly recorded. This will give you a clearer picture of the financial performance of your business and aid in finding all the necessary records as tax season approaches. Tracking software is one of the best tools for keeping track of assign access to employees all your transactions. This software makes it simple to keep track of all your expenses and reduces the chance for human error.
Another great way to track all of your transactions is by using an account for cash receipts and an accounts receivable control account in your general ledger. The totals of both accounts are compared at the end of each month. If the balance in your control account for accounts receivable is in line with the cash receipts journal, you’ve successfully completed all of your transactions for the month.
Trackout control is a method used in control engineering to make the output of a dynamic system (or process) to follow a reference signal. This is typically done in a linear feedback systems. It can be mathematically modelled with an absolute assurance of stability8.
One way to simplify the task of your accountants to track all of your transactions is by getting into the habit of using the receipt scanner. This will make it easier to keep all of your receipts in one place and will make it easier for you to utilize when you are ready to track your expenses.