The Accounting tools offer a complete guide on effectively managing your business's financial health using a variety of tools and processes. This category includes everything from establishing a foundational Chart of Accounts to handling daily transactions and generating essential financial reports.
Setting Up Chart of Accounts
The Chart of Accounts (COA) is the backbone of your accounting system. It is a structured list of all the accounts used in your general ledger, categorized into assets, liabilities & credit cards, owner’s equity, income, and expenses. Proper setup of your COA is critical as it affects every financial transaction and report generated. You can click on each category to view details and examine them.
Managing Transactions
Managing financial transactions efficiently ensures that your books remain accurate, up-to-date, and ready for reporting at any time. It provides guidance on handling various types of transactions, including income, expenses, charges, assets, and liabilities.
Generating Financial Reports
Financial reports are crucial for understanding your business’s financial position, making informed decisions, and meeting regulatory requirements. You can easily access such reports containing easily interpretable financial data with just a few clicks.