Describe the following key principles and tools for effective financial systems: [80-120 words] a) Transaction Recording...

Describe the following key principles and tools for effective financial systems: [80-120 words]
a) Transaction Recording
b) Reconciliation Processes
c) Invoicing
d) Cash Flow Management

Expert Solution

A. Transaction recording

The first being that when you keep close track of all of your transactions you are ensuring that you know where your money is coming from along with where its going to. This’s very fundamental for any financial system to succeed.

B. Reconciliation processes

Reconciliation is an accounting process that ensures that the actual amount of money spent matches the amount shown leaving an account at the end of a fiscal period. Reconciliation helps in detecting a fraud before it’s too late.

C. Invoicing

Invoicing has many benefits like it keeps transactions professional & official which is pretty much inherent for a financial system, it establishes legal rights, it also serves as a legal proof.

D. Cashflow management

Arguably the mos t significant aspect of any business is to manage cashflows. If done right, it ensures timely payment of salaries, run your day-to-day operations smoothly & also have some cash for expansion & emergency.

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