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By Reynald Greene on October 19 2018 03:23:43

Less financial control is often required from small business accounting software as the bookkeeper is often the owner manager who already has an intimate knowledge of each transaction. Books are still required for tax purposes and a solid requirement of preparing a set of financial books for tax purposes is that each entry is supported by third party evidence. Examples of third party evidence would be sales invoices, purchases invoices and bank statements. Financial transactions where no receipt exists can still be entered in the business books although all transactions not carrying third party evidence could subsequently be disallowed for tax purposes and certainly would be if the amounts entered indicated unusual income or expenditure.

An accountant needs to not only ensure the financial records are accurate but also retrieve any part of the accounting records to answer accounting questions on the accounts, provide a legal basis for the transactions and report the financial statements at regular periodic intervals. The small business has different accounting needs which are better described as bookkeeping than accounting. For non limited companies that do not need to produce a balance sheet then a simple income and expenditure account can be produced much simpler using single entry bookkeeping principles.

Spreadsheet templates are used for many reasons and each template vary according to the purpose it is used for. Spreadsheets are designed with different calculations depending on various needs. The templates designed to use for saving calculations varies according to the saving calculations made depending on the types of calculations to be made. These spreadsheets make the calculations and the data entry easier than doing it by any other format. The budget spreadsheets are little more advanced than the other as they have to undergo higher and tougher calculations and data entries.

Conclusion: You will enjoy a lot of flexibility while using the budget spreadsheet software and its the best way that can enable you control your expenditure. You can easily obtain it for free hence giving you the freedom to track your expenditure on weekly or monthly basis. Since it can be used with the conventional Microsoft office software, you will find it very useful in the long term.

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