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If you’re a business owner, it’s important to make sure that all of your transactions are properly recorded. This will give you a clearer picture of the financial performance of your business and aid in finding all the required records as tax season approaches. Tracking software is among the best tools to keep the track of all your transactions. This software helps you to keep an eye on all your expenses and reduces human error.
Another excellent method to keep track of all your transactions is to use a cash receipts journal and a accounts receivable control account in your general ledger. The totals of both accounts are compared at the end each month. If the total of your cash receipts account is in line with the total of your accounts receivables control account you have successfully recorded your transactions throughout the month.
Trackout control is one of the methods employed in control engineering to trigger the output of the system (or process) to track an underlying signal. This is usually done in linear feedback systems and can be mathematically designed with an arduous guarantee of stability8.
An easy way to simplify the task of your accountants to keep track of all of your transactions is by making a habit of using an receipt scanner. This will allow you to store all your receipts into one place and aid you when it’s time to record your expenses.