Recording of all financial data
All the financial transactions that take place within a business MUST be recorded due to the fact that if a transaction isn’t recorded, the company could be fined and lose a lot profit. The business will record all finance made within the company that comes in and goes out, doing so will make sure they keep intact with the company’s profit and losses.
Part of the job is to record all the companies income, this will make sure that the Inland Revenue will record what they have made accurately so they can get a fair income tax. The business will create a final account so they can record the profit and loss of the company. Doing so will ensure that they can keep on-top of their budget allowance and also see if they have exceeded the profit margin.
All income made by the company i.e the sales revenue will be recorded. The total of sales coming into the business and the income the company receives from its usual sales, this needs to be recorded to show if the business is making profit or not.
All revenue expenditure; this is all the stock within the business. The business needs to record and monitor this so they know what is coming in and what is going out. The business also needs to monitor this so they know when it is time to bring more stock in, doing so will ensure the company will stay
