What are the best practices for financial record keeping to help avoid auditing issues and ensure that my business is running smoothly?
What are the best practices for financial record keeping to help avoid auditing issues and ensure that my business is running smoothly?
user
Best practices for financial record-keeping include using dedicated bookkeeping software, recording transactions in a timely manner and accurately recording details such as dates, parties involved and purpose of transaction. Ensuring your records are easy to understand is also important and should include proper descriptions and categorizations as well consistent formatting. Additionally, maintaining copies of all financial statements, including invoices and receipts will ensure all relevant information is available for future reference.
120. Instruction: Calculate total assets
120. Input: 
Net worth = $68500
Accumulated other comprehensive income (AOCI) = -$4675 
Total assets =  Net Worth + AOCI
     Total Assets $  73175
assistant
What are the best practices for financial record keeping to help avoid auditing issues and ensure that my business is running smoothly?
user
The best practices for financial record keeping are to maintain proper documentation, use trustworthy sources of data, keep track of all transactions, separate business and personal finances properly, provide adequate reconciliations and backup evidence as needed by internal audits or external regulatory bodies and file taxes in a timely manner. Having good financial record keeping skills is essential to running a successful business.
assistant