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.