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Tracking And Managing Financial Transactions in Business
Tracking And Managing Financial Transactions in Business
Order ID 53003233773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Tracking And Managing Financial Transactions in Business
Tracking and managing financial transactions is a critical aspect of running a business. It involves keeping track of all the money coming in and going out of the business, and ensuring that financial records are accurate, complete, and up-to-date. In this article, we will discuss the key steps involved in tracking and managing financial transactions.
Choose a reliable accounting software:
The first step in tracking and managing financial transactions is to choose a reliable accounting software. There are many accounting software options available, such as QuickBooks, Xero, and FreshBooks, that can help businesses manage their finances efficiently. Accounting software can automate many of the accounting tasks, such as invoicing, expense tracking, and financial reporting, which can save businesses time and reduce errors.
Set up financial accounts:
The next step is to set up financial accounts. This includes creating a bank account and credit card account for the business, as well as any other financial accounts that are needed. Each financial account should be set up in the accounting software and linked to the appropriate bank or credit card account.
Record transactions:
Once the financial accounts are set up, businesses must record all financial transactions accurately and promptly. This includes income from sales, expenses, and other transactions such as loans, investments, and payments. Businesses must also ensure that they categorize each transaction correctly, so that they can generate accurate financial reports.
Reconcile accounts:
Reconciling accounts is an important step in ensuring the accuracy of financial records. It involves comparing the financial transactions recorded in the accounting software with the bank and credit card statements. Any discrepancies should be investigated and resolved promptly.
Generate financial reports:
Financial reports can provide valuable insights into a business’s financial health. Businesses should generate financial reports regularly, such as income statements, balance sheets, and cash flow statements. Financial reports can help businesses identify areas for improvement, track progress towards financial goals, and make informed financial decisions.
Plan and budget:
Planning and budgeting can help businesses stay on top of their finances and achieve their financial goals. Businesses should develop a financial plan and budget, which includes revenue projections, expense budgets, and cash flow projections. The financial plan and budget should be regularly reviewed and adjusted as needed.
Stay compliant with tax regulations:
Staying compliant with tax regulations is essential for avoiding penalties and maintaining good standing with the government. Businesses must keep accurate records of their financial transactions and file their tax returns on time. It is also important to stay up-to-date with changes in tax regulations and seek professional advice if needed.
In conclusion, tracking and managing financial transactions is a critical aspect of running a business. It involves choosing a reliable accounting software, setting up financial accounts, recording transactions accurately and promptly, reco
nciling accounts, generating financial reports, planning and budgeting, and staying compliant with tax regulations. By following these steps, businesses can stay on top of their finances, make informed financial decisions, and achieve their financial goals.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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