It’s important that you record all business transactions in a timely manner if you are a business owner. This ensures that you have a clear picture of how your company is doing financially, and when tax time rolls around you’ll be his response able easily find all of the required records. Tracking software is among the best tools to keep an eye on all transactions. This software will help you keep track of all your expenses and minimizes human error.

Another way to keep track of all of your transactions is by using a cash receipts journal and an accounts receivable control bank account in your general ledger. Both accounts are tallied at the beginning of each month, and the results are then compared. If the total of your cash receipts account matches the total of your control account for accounts receivables you have successfully recorded your transactions for the entire month.

Trackout control is a method used in control engineering to make the output of a dynamic system (or process) to track an underlying signal. This is usually performed in a linear feedback systems, and can be mathematically described with the strictest guarantee of stability8.

One way to simplify the task of your accountants to keep track of your transactions is by adopting the habit of using an receipt scanner. This will make it much easier to keep all your receipts in one place and also make it easier for you to utilize when it comes time to record your expenses.