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The 8 Steps of the Accounting Cycle
- Step 1: Identify Transactions. …
- Step 2: Record Transactions in a Journal. …
- Step 3: Posting. …
- Step 4: Unadjusted Trial Balance. …
- Step 5: Worksheet. …
- Step 6: Adjusting Journal Entries. …
- Step 7: Financial Statements. …
- Step 8: Closing the Books
Here are four ways to improve the efficiency of your finance and accounting processes:
- Train your Staff Continuously. …
- Automate your Accounting Processes. …
- Use Batch Processing. …
- Outsource your Accounting Processes. …
- Monitor Profit and Loss Reports Constantly. …
- Combine Monitoring of P#038;L Reports and Cash Expenditure
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