1. Record all transactions:
This is essential for accurate accounting records that can be easily referenced later.
2. Monitor cash flow:
Keep track of incoming and outgoing funds to ensure they are properly accounted for.
3. Reconcile accounts:
Ensure that the numbers in the ledger are correct by comparing them against the bank or other financial institution statements.
4. Prepare financial reports:
Generate reports such as balance sheets, income statements, and more to provide a comprehensive overview of an organization’s financial health.
5. Follow internal control procedures:
Make sure all processes are being followed correctly to protect the company from fraud or errors.
6. File taxes accurately and on time:
Properly submit all required documents to the appropriate government agency by the due date.
7. Stay up to date on changes in accounting standards:
Ensure that all reports comply with current regulations and best practices.
8. Manage audit requests:
Respond quickly to requests from external parties such as auditors or tax agencies.
9. Investigate discrepancies:
Identify any errors and take necessary steps to rectify them promptly.
10. Maintain documentation:
Keep records of all transactions for future reference and ensure their accuracy over time.