What does a financial administration need to include?

A financial administration consists of records of all expenses and income that belong to your business. 
Your financial administration data should be stored and maintained in a correct manner. This helps you get an overview and insight into the profit or loss of your business over a period of time. You can read what your financial administration needs to include in the list below. 

Important aspects of a financial administration include

  • Financial records of expenses and income
  • Saved receipts and received invoices
  • Sent invoices sent, including the possibility of copies
  • History of bank statements
  • A balance sheet overview of your assets and liabilities
  • Overview of your customers: accounts receivable and accounts payable
  • Periodic checks of your financial administration

With the data from the aspects above, you will always have a good overview of your financial administration and how well your business is doing. Keeping financial records can be made simple with the financial tools of accounting software such as Gekko.