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Bookkeeping involves the recording, on a daily basis, of a company’s financial transactions. With proper bookkeeping, companies are able to track all information on its books to make key operating, investing, and financing decisions.
Bookkeepers are individuals who manage all financial data for companies. Without bookkeepers, companies would not be aware of their current financial position, as well as the transactions that occur within the company.
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Fixed assets management is an accounting process that seeks to track fixed assets for the purposes of financial accounting, preventive maintenance, and theft deterrence. Organizations face a significant challenge to track the location, quantity, condition, maintenance and depreciation status of their fixed assets
Stocktaking (or stock counting) is when you manually check and record all the inventory that your business currently has on hand. It’s a vital part of your inventory control, but will also affect your purchasing, production and sales. … Despite the name, a stocktake is about more than just stock management.
Backlog refers to unresolved customer support requests in a particular time frame. These tickets remain unresolved beyond the typical response time (for your company) either because of team member performance, ticket volume, and/or dependencies and complexities that require additional time.
In accounting, reconciliation is the process of ensuring that two sets of records are in agreement. Reconciliation is used to ensure that the money leaving an account matches the actual money spent. This is done by making sure the balances match at the end of a particular accounting period
A tax return is the completion of documentation that calculates an entity’s income earned with the amount of tax payable to the government, government organizations or to potential taxpayers