In financial accounting, ‘maintenance’ refers to keeping records up to date with current financial transactions. Ledger maintenance refers to updating financial records called ledgers, which are simply records of the money a company spends and earns. The general ledger is a master accounting document providing a complete record of all the financial transactions of your business. It helps you look at the bigger picture. Accounts include assets (fixed and current), liabilities, revenues, expenses, gains and losses.
Companies may maintain several different financial ledgers. The most important is the general ledger, which divides the firm’s credits and debits into different account categories such as assets, liabilities, expenses and revenues. Companies may also keep a sales ledger that records the sales a business makes, plus the money received and owed for goods and services. A purchase ledger tracks all of the purchases a company makes and how much money the business owes to creditors.
Ledger maintenance and the maintenance of financial records in general are vital to a company’s success. Managers cannot make well-informed decisions if they don’t know how much money the company currently has at its disposal, how much debt it has and how much revenue it makes. For instance, poor record maintenance might cause a small business owner to think that his company has more cash available than it does, so he might spend on advertising only to realize he doesn’t have the money to pay for other expenses when he needs it. Good record maintenance can also help businesses justify tax deductions and file accurate tax returns.
Start-up business owners may not possess the necessary accounting expertise to maintain their own ledgers and other financial records. As a result, small companies may hire financial professionals to work part-time to maintain records, or hire contractors to take care of their financial record-keeping needs. As companies expand and financial records become more numerous and complex, they may hire full-time employees to maintain financial records.
Our outsourced pays, our outsourced payroll service will save you time and money. Having our payroll experts process your payroll will simplify the process and make sure you are prepared for new legislation and minimises your liability and provides employees with efficient, reliable payroll services.
Benefits of Our Ledger Services
Preparation of Trial Balance
Presenting Final Position
Present Financial Position
Application of Double Entry System
Determining Results of Each Account
Maintaining Classified Accounts Indirect Advantages
Presenting Statistical Information
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