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Generally, a business will assign transactions to one of five main account types: Asset accounts contain the resources that a company relies on to generate revenue. These include inventory, accountsreceivable, and cash. Expense accounts contain items that show the company’s cost of doing business.
Generally, a business will assign transactions to one of five main account types: Asset accounts contain the resources that a company relies on to generate revenue. These include inventory, accountsreceivable, and cash. Expense accounts contain items that show the company’s cost of doing business.
Bank Reconciliation: They reconcile bank statements with the company's financial records to ensure consistency and identify discrepancies. Invoicing and AccountsReceivable: Traditional bookkeepers generate invoices, track payments, and manage accountsreceivable to ensure timely collection of funds owed to the company.
Accurate financial records: Consistent invoice settlement allows for accurate documentation of all transactions. This aids in better financialanalysis and reporting, ensuring all payments, credits, and debits are recorded correctly. This means you know the invoice will not be paid and remove it from your accountsreceivable.
Their web-based product is packed full of accounting features. Invoicing, bank reconciliations, bank and credit card feeds, financial reporting, managing accounts payable and accountsreceivable, multi-currency, and the ability to connect to 100’s of 3rd party apps to help small businesses automate all parts of the accounting process.
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