It is essential to record all your business transactions properly in the event that you’re a business owner. This ensures that you have a clear picture of how your company is performing financially and that when tax time comes around you’ll be able quickly locate all the necessary records. Tracking software is one of the most effective tools to keep the track of all your transactions. This software makes it simple to keep track of all your expenses and reduces the possibility of human error.
Cash receipts accounts and the control account for accounts receivables in your general ledger are also great ways to track your transactions. The totals of both accounts are compared at the end of each month. If the total of your cash receipts account matches the total of your control account for accounts receivables you have successfully recorded your transactions throughout the month.
Trackout control is a process employed in control engineering to make the output of an active system (or process) to follow the output of a reference signal. This is usually performed in a linear feedback systems and can be mathematically modeled, with the strictest guarantee of stability8.
One way to make it easier for your accountants to track all of your transactions is taking the habit of using a receipt scanner. This will let you store all your receipts into one location and aid you when it comes time to record your expenses.