Familiarizing yourself with your company’s general ledger is particularly important in managing your cash flow during these precarious financial times.
According to Gene Marks, CPA and president and CEO of the Marks Group, “Everyone knows that successful managers are driven by data and that the devil’s always in the details.” That’s why he suggests printing and reviewing your company’s general ledger on a monthly basis.
The general ledger provides a record of every financial transaction. It holds all of the account information needed to prepare your company’s financial statements. Transaction data is segregated by type into accounts for assets, liabilities, owners’ equity, revenues, and expenses.
Some of the benefits of reviewing the general ledge include:
- Better management of expenses. You will know exactly how much you are paying your vendors and what you are paying them for.
- Ability to catch and correct errors. Reviewing payments made and expenses incurred may
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Retirement Risks to Consider
/in Uncategorized /by rapackiThe survey’s results also showed that pre- and present retirees perceived retirement risks differ from their actual risks. Research economist Wenliang Hou of the Center for Retirement Research at Boston College analyzed five major sources of risk faced by a typical retiree:
Hou’s empirical analysis found the … Read More
Get to Know your General Ledger
/in Uncategorized /by rapackiAccording to Gene Marks, CPA and president and CEO of the Marks Group, “Everyone knows that successful managers are driven by data and that the devil’s always in the details.” That’s why he suggests printing and reviewing your company’s general ledger on a monthly basis.
The general ledger provides a record of every financial transaction. It holds all of the account information needed to prepare your company’s financial statements. Transaction data is segregated by type into accounts for assets, liabilities, owners’ equity, revenues, and expenses.
Some of the benefits of reviewing the general ledge include:
Does it Make Sense to Pay Vendors Early?
/in Uncategorized /by rapackiOne advantage of early payment is discounts many vendors offer for early payment. If you don’t see an early payment discount option on an invoice, don’t hesitate to ask your vendor what they can do for you.
Paying vendors early also helps solidify relationships. You will be someone your vendors want to continue to work with. They will be willing to take your calls, and are more likely to do favors should need something like last minute inventory fast.
Marks also suggests paying vendors twice a month – say on the 10th and the 25th. He says this allows you to avoid seepage of money from an uncontrolled … Read More