Every business requires to take in more money than it spends to achieve profitability and be successful in the long-term. As businesses operate, they constantly spend money on items such as equipment, parts, payroll and rent and take money from customers and clients by selling products and services. Businesses use a variety of financial records to keep track of how much money they spend and how much they make.
getsix®> can organise your business financial accounting i.e. “the maintenance” of your ledgers. Simply meaning we will keep your financial records updated and accurate.
The Types of Financial Ledgers
getsix® can maintain several different financial ledgers. The most important is the ‘General Ledger’, which divides your firm’s credits and debits into different account categories such as assets, liabilities, expenses and revenues. We can also keep a ‘Sales Ledger’ that records the sales a business makes, plus the money received and owed for goods and services. Then of course we can do your ‘Purchase Ledger’, which tracks all of the purchases which your company makes and how much money the business owes to creditors.
The Importance of Record Maintenance
getsix® of course realises the importance of Ledger maintenance and the maintenance of financial records, in general, are vital to a company’s success. Managers cannot make well-informed choices if they don’t know how much money the company presently has at its disposal, how much debt it has and how maintenance can also help businesses validate tax deductions and file accurate tax returns.
Why choose getsix®?
Apart from our experienced and well-qualified specialists, getsix® are perfect for start-up business owners who might not retain the necessary accounting expertise to maintain their own ledgers and other financial records. As a result, small to medium-sized companies may hire financial professionals to work part-time to maintain records, or hire contractors to take care of their financial record-keeping requirements. As companies expand and financial records become more numerous and complex, they may think about hiring full-time employees to maintain financial records. This is where getsix® would be a strong partner in supporting, advising and managing your everyday ‘Statutory Accounting Ledgers’.