For many small businesses, records can be a nightmare. Worse still can be, if financial statements are required and only limited information is available. Small businesses will be forced by fiscal and banking secrecy, provide financial statements on request. So there is no escape from the financial statement preparation.
Statements are one hundred percent dependent on accurate records. Thus, an accounting and bookkeeping is required. Full advantage is not taken, theAccountants and auditors from offering their services, it was that turned up to 25% is still not up to 30% of small businesses, not those of the available accounting records services to the market.
Inevitably records were incomplete in such a transaction. Creative methods, such as in forensic accounting or internal audit must be used to enforce in order to reconstruct the books of a company. It is a difficult task, but it can be very rewarding, if a clear pictureresulting in the true position of the company.
Steps
1. Find all the information of the companies. Evidence of sale, purchase, bank statements, contracts, notes and correspondence.
2. Determine whether there is a system for recording transactions.
3. Check is an electronic or manual system used for recording data.
Now the fun begins.
The opening and closing debtors, creditors and bank balances are extracted. Should not bedifficult, because every small business owner knows exactly how much money he / she is guilty (debtors), and how many unpaid bills, he / she) (creditors, and of course how much money in the bank.
The debtor and the audited closing balance sheet debt and payments, and after deducting the debtor the opening balance (payments + closing debtor opening debtor) the periods determined by the sale of credit vouchers are.
Also, the credit balances are used to determine credit --Purchases.
The statement is then evaluated to determine cash sales and cash purchases. Cash invoices and bills are considered and taken up the sales and purchases.
All costs are then reviewed by tabulating bills. Salaries are reviewed. If there's no time, are a-month review of salaries, rent and other recurring items is sufficient. Just double click to check whether or not increasing escalation occurred during the period. The one-month review would be by the number of months multipliedmeet the full cost for the year. The profit and loss account can now be closed.
The balance sheet items can be checked by the separation of cash-asset purchases of normal costs. All assets can be acquired on lease asset be allocated between the liability and part. The debtor to the creditor and cash / bank deposits (from balances above) is added, and we have an asset and liability statement. Asset minus liabilities, shareholders' equity number will produce, and voila, the balance is nowbe finalized.
Once you check how equity (capital fund) less profit, tie, up to the profit and loss account profit. Third source of comments on the review of the integrity of the data, ie, the creditors in support of, documents and vehicle registration offices for the value of assets, etc.
There is no easy task, and numbers are not 100% accurate, but a nice picture will emerge from the financial situation of the company. This article is not decisive, but the entrepreneur can get a view of theNature of the procedures will be followed by an accountant. After preparing the first set of accounts from incomplete records of the company owners should be strongly encouraged to invest in the services of an accountant or an accountant
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