Maintaining Clean Accounting Records

Having current accounting records enables a smoother a tax filing process while also empowering your accounts team to pick up financial red flags timeously.

Adequate accounting procedures help to organize the differing transactions within a business. An up-to-date view of the finances helps top-level management make swift decisions that can save your business time and money. Missing just one transaction in your books can ripple effect on your accounting records, which can have knock-on effects on the economic outlook of your business and the credibility of your brand to clients.

We take a look at ongoing maintenance and keeping your accounting records clean and current, is of utmost importance to your business.

The Importance of Maintaining Proper Accounting Records

Having current accounting records is not only beneficial for tax filing, but it can also empower your accounts team to pick up on theft or bad debtors more easily. Employing ongoing maintenance to keep your accounting records up to date is important for:

  • tracking accounts and crucial business transactions
  • keeping records accurate to attract potential investors
  • avoiding a major accounting mess
  • making informed business decisions
  • adhering to legislative requirements for retaining accounting records over a certain period

We recommend these software options

The Best Way to Handle Incoming Data

When it comes to tracking income and expenses, it is important to make use of a reliable system that can automate information between reconciliation statement recordings to keep all accounting records accurate and consistent throughout. Implementing reliable accounting software that gives you a clear snapshot of your finances will help to reduce errors and to keep records of expenses, income, and taxes with ease. It is important to choose accounting software that is widely geared to your industry, and considerate of your bespoke business needs and the size of your organization. Your software can also be further tailored by adding integrations to further automate transactional records between ledgers and departments.

Your software can also be further tailored by adding integrations to further automate transactional records between ledgers and departments.You will soon have this money in your possession and will be able to benefit from it when it arrives.

Accounting Record Retention Requirements

In terms of the Companies Act, no 71 of 2008 and Companies Regulations 2011, companies should keep documentation relating to the books and accounts of their business as well as annual financial statements, for 7 years. These requirements differ under the Close Corporations Act, no 69 of 1984, and the Income Tax Act, no 58 of 1962 (Section 73 A & B), which the accounting division of every business needs to keep track of for your business structure.

With reliable accounting software integrations, your business can keep its records clean and consistent throughout. Accounting clean-up services can weed out a number of accounting errors, but ongoing accounting maintenance is required to keep accounting records accurate and up-to-date.

 

Gaps in your accounting system can cause financial clutter that can have knock-on effects on the economic outlooks of your business and the credibility of your brand

At Fusion CPA, we offer outsourced accounting services. Our team has years of experience with major clean-ups and we provide ongoing maintenance to safeguard against major accounting inconsistencies.

Are you Using the Right Bookkeeping Software?​

Your business has specific issues and needs that your bookkeeping software needs to be able to handle. In fact, when you’re using the right software, you can move beyond compartmentalized business data.

You know you’re using the right software when your finances, sales, marketing, and operations data is integrated to give you a clear picture of your company’s financial health. Your data should also be easy to find and use.

If not, talk to us about choosing and integrating the best solution for your business. Our accounting services can be adjusted to suit your specific needs – and we know how important the right software is for business growth.

Our Services Can Scale With Your Business

We also have CFOs on our team to assist you with business growth when you’re ready to make the most of your business’ potential. 

We are outsourced bookkeepers, CFOs, and entrepreneurs who are passionate about offering our clients a lasting relationship to help their business grow.

After our accounting services stabilized your finances, we can use your company’s accounting data to determine your profitability, as well as business forecasting

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