The importance of having a correct business accounting

The account management is known as business accounting, this means that all the economic and financial operations thar are made in a company are accounted for.

Business accounting is fundamental for the right performance of any company.

Learning how to have a correct business accounting allows to acknowledge the situation of a company day by day, besides, it also lets what is done with the company’s money and all the benefits that are obtained from the activity it does are also known

Business accounting may help you organize and keep the financial situation fresh, with entrepreneurs and Pymes (small and medium companies); you must consider that any action done in the company must be registered:

• Charges.
• Balances.
• Loans.
• Debts.

Knowing the current situation of the company helps to improve making decisions.

Having a bad account management, for unknowing about it or not knowing the complete process, may affect a company deeply, especially  when it is from a new company.

Steps needed to have a correct business accounting.

• To have all the accounting documents

Keep all the documents that prove any financial operation in the same place, this will justify the veracity of the account management.

• Having a record of incomes and outcomes

Incomes and outcomes must be organized chronologically, the best way of doing so is by month, but it could be done every trimester or every fourth months

• Keep the taxes in mind

Every year and every three months, you must present to Hacienda (mexican IRS) the tax return, to do so you must present all the accounting books and the annual bills in the Business Register.

• Have proof of minutes, accounts and balances

To avoid duplicates or mistakes, minutes, accounts and balances must always be verified.

• Keep the accounting up to date

Having the accounts and records up to date will help knowing the financial situation of your company to make a general balance in a specific time.

Having your business accounting with Quadrans will give you economic information to know everything that goes on your company and if the goals you have established are being reached or not, besides, you will be able to make safer decisions according to the results.

When an expert manages your company accounting correctly, legal and tax-related issues may be avoided.

Legal and Accounting Consultancy in Playa del Carmen.