If you’re a business owner, it’s important to make sure that all your transactions are properly recorded. This will give you an easier picture of the financial performance of your business and help you find all the necessary documents when tax season comes around. Tracking software is one of the most effective tools to keep track of all your transactions. This software helps to manage all of your expenses, and decreases the possibility of human error.
A cash receipts bank account and an accounts receivables control bank account in your general ledger are two other excellent ways to monitor your transactions. The totals of these two accounts are compared at the end of each month. If the total of your cash receipts account is equal to the total of your control account for accounts receivables you have recorded your transactions for the entire month.
Trackout control is a technique used in control engineering to trigger the output of an active system (or process) to follow an underlying signal. This is usually done in linear feedback systems, and can be mathematically modelled with an absolute guarantee of stability8.
An easy way to make it easier for your accountants to track all of your transactions is by taking the habit of using a receipt scanner. This will let you keep all your receipts in one location and simplify the process when it’s time to record expenses.