Any business, big or small, must maintain thorough and effective records of transactions in order to stay on the path to profitability. The best-known methods of transaction recording are the journal and the ledger, in which daily (journal) and long-term (ledger) lists of transactions are recorded. Often, businesses create specific journals and ledgers for different accounts. In the case of a small business – a sole proprietorship, for example – keeping a complete journal and ledger every day is a vital exercise, if something of a monotonous burden.
A CPA in Tampa can help a business of any size develop sound procedures for recording transactions. It’s one of the many services we offer that are designed to help businesses reach their maximum potential – and stay there. Our business consultants will work with you to design a plan that will help you streamline and modernize your ability to efficiently record your transactions. We’ll also take on the responsibilities of a Chief Financial Officer, handling cash flow management, payroll services, and more, allowing you to focus on production and the big picture.
In addition to the journal and ledger, a small business might use one or more of the following to record transactions:
- A business checkbook
- A daily summary of cash receipts
- A monthly summary of cash receipts
- A check disbursements journal
- A depreciation worksheet
- Employee compensation records
Since opening our doors in 1984, Reliance Consulting has helped hundreds of Florida businesses flourish. Contact us today for more information about our small business consultancy or for a complimentary financial health checkup.