How does an accountant keep the record in the book of account?

By recording daily transaction as per respective ledger group.

Keeping records depending on the size of the business and sales *You can keep them by *Keep receipts or other acceptable records of every payment to and every expenditures *Summarize your income and expenditures records on some periodic basis daily or weekly or monthly. *Use your summaries to create financial reports that will tell you specif information about your business such as how much monthly profit you are making

Recording daily transactions all documents and adjustments clearly , no way for any mistakes by using perfect deporting y

1. Enables you to manage your business and make it grow

No one knows your business better than you do, but reliable information can only be extracted from the records you keep.

If you don’t have good records, it’s much harder to make good decisions.

 

2. Helps to stay organised when dealing with customers and suppliers

Producing invoices, quotations and estimates promptly is vital.

An early estimate can be the difference between winning and losing a job. Similarly do not rely on supplier’s statements. You need to know before they tell you how much you owe.

 

3. Makes it easy to prepare management accounts

Have you ever wondered whether you are making or losing money?

Management accounts do that for you. You want to know how your business is performing. With management accounts you can compare one period with another, this year with the previous year.

 

4. Makes it possible to find important information and documents quickly

Is someone disputing your invoice?

By being organised you can quickly and easily find information regarding the original order and the goods and work supplied.

 

5. Makes it easier to get a bank loan or overdraft

Yes, banks like it when you seek an overdraft for the right reason and at the right time. Don’t wait until you need one to ask for it.

 

6. Helps you plan in advance for tax payments and other liabilities

Tax planning is for everybody. Set money aside when you have the cash. Or make an arrangement with HMRC in good time.

 

fully accepted with the all previous answers

With the help of ledger accounts he can able to record the transactions