Question

12. What are the conditions you will need to identify in relation to your determined accounting tasks?

Answer 1

The primary task of accountants, which extends to all the others, is to prepare and examine financial records. They make sure that records are accurate and that taxes are paid properly and on time. Accountants and auditors perform overviews of the financial operations of a business in order to help it run efficiently.

Track Accounts Payable

One of the important daily duties of an accountant is to ensure the proper tracking of the amount of money your company owes to vendors, suppliers and distributors. This is a crucial aspect of your business because it details all your creditors, how much you owe each one and whether or not you’re in danger of going into arrears.

Track Accounts Receivable

Another of the important daily duties of an accountant is tracking your accounts receivable. Daily cash flow is crucial to running a successful business, and if you’re not accurately tracking who owes you money, when that money is due and when it’s considered late, it will hamper your available cash. This is an important accounting task, because you want to avoid the consequences of bad debt, and you want to ensure that money you’re owed is moving through your business at a rate that ensures positive cash flow.

Enter Inventory Into the System

Another daily accounting task that can keep your business running smoothly is to make a record of inventory the same day it’s received. Any business that handles physical products and goods must have an accurate inventory log that a staff member can access to determine which items are in stock and which items are on back-order, and the date those items will arrive.

Prepare Client Invoices

An important aspect of small business accounting is making sure you bill your clients on a daily basis. Some business owners like to wait until the end of the week to invoice clients, but timely invoicing can help you spot mistakes and, more important, it ensures that you will get paid quicker. Some clients become used to receiving your invoices weeks after the fact, and may only pay their invoices once a month.