How to track your business finances all year long: Accounting 101

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Accounting ensures that you have solid records that show the financial health of your business, which can help with budget planning, securing a loan, tax preparation and more.

You can use income statements, balance sheets, and cash flow statements to keep track of your finances

Keep on top of your business finances with daily, weekly, monthly, quarterly and yearly accounting tasks:

  1. Daily: Check cash position
  2. Weekly: Record all my transactions, document and file receipts, Review unpaid vendor bills, pay the, and sign checks, Prepare and send invoices, review projected cash flow
  3. Monthly: balance Business chequebook, check who owes me money and analyze inventory status, Process/review employee payroll, compare income/profit & loss statement to budget, compare the end of the month balance sheet to the prior month
  4. Quarterly: Prepare/review revised annual income/profits & loss statement, File quarterly taxes
  5. Yearly: Review past due invoices and determine next steps, review/Write down unsold inventory, Fill out tax forms and check tax return against the full-year financial report.

To Hire a Consultant accountant:

Thika Road
Nairobi, Ruaraka 16622-00100