The world has gone pretty fast, and many individuals look towards establishing a small scale business. There are people who start a company but tend to worry about the accounting. Hiring a good accountant can certainly boost your money flow and processes. However, today, you have a ton of different software that can come to your assistance. Biztory is one such solution that gives you a chance to beef up the accounting procedure. Talk about preparing the reports for your audit or the annual calculations, things become fairly easy.
However, still, some individuals want to write a good report on their own. So, if you plan on doing it, here are a few things to note.
Objective
Any good report starts with an objective. Before you begin the process of research and report writing, establish a few goals in your mind. Take a look at what you want to achieve with it and most of the people would be doing so to generate a document upfront for the auditors. However, loopholes want to consider the risk assessment or other elements such as income and expenditures, what departments were better than others, and similar other aspects.
Observations and findings
The next thing you need to do is consider the observations and findings. For that, you need to analyze your sales, the cash flow, and other procedures that are associated with your business. There are instances when you’ll find a lot of loop holes and errors in cash entries. It is from where the audit report starts getting wrong. Therefore, it is always good to implement the right software as it will help you in knowing when payment was entered, who made the entry, what the payment was for, and you get quick recovery of the data. Moreover, Biztory also helps you with the findings as the data and tables are automatically adjusted with each entry.
Recommendations
Once you know about the observations and have the findings of the report in your hand, you need to address them. It is where the recommendations come into play. You get to write about the current status of the accounts, how the cash flow went throughout the year, and what were some of the problems that you noticed. Furthermore, considering the problems, you can also follow up with suggestions and give them a few recommendations on improving the process and making things easier.
Making your life easy
Going through the ledgers, analyzing the accounts, searching through documents and coming up with conclusions takes a lot of time and effort. You can make your life fairly easy by implementing the Biztory in your company. It would analyze your sales and expenditures and prepare the auditor report for you. So, you’ll have to make minimal efforts and you will end up with an error-free report. How is it, error-free? Well, as you put your data in the software for the whole year, the automatic functioning comes into play for calculations based on the entered data, and you get a prepared report with you.