Banking and Debt are two major facets for all businesses regardless of the industries they’re in. Almost every business has bank accounts that they use frequently, and most will have some form of debt. Managing both efficiently is a vital part of the business process.
Overview
The mode Banking and Debt provides a quick overview of the bank accounts registered on the system, as well as an overview of the debts it is carrying. Not only are debts being reported, but, also, running standing orders and the likes.
The state of debt has a huge bearing on business capability, and Business Administrator offers extensive reports to let you know of the state of debt and the bearing it has on your business.
Business Administrator provides easy routes to managing both.
Scope of Banking and Debt
Managing bank accounts is a low level facility: Business Administrator just needs to know what exists and some base details about the accounts. Petty cash offers a route to initiating a petty cash system and managing it. Reconciling the Cash Book is one of those tasks that seem completely unprofitable and Business Administrator offers a route to making sure it’s as painless as possible.
Banking provides an organised way to take new cash to the bank, properly accounting for it, and tying up the virtual paperwork. Bank Charges periodically charged by banks need a route to getting their details onto the system in a sensible and easy fashion. Credit Repayments allows you to enter a variety of debt types, including loans, pensions, accounting fees or any other type of recurring debt. Business Administrator will continually update the cash book with activity and let you know when debts have depleted.
Banking and Debt commands
Manage Bank Accounts: As part of its financial management process, Business Administrator will need to know details of the bank accounts you hold. This facility will allow you to register the accounts you have.
Petty Cash: although he use of petty cash seems to be declining, you will need routes to managing on Business Administrator. This dialogue will allow you to set up a petty cash system, enter related receipts onto the system, and write cheques against those receipts. Business Administrator will record all activity and enter it into the books for you.
Reconcile Cash Book: Ensuring your business records are accurate and up to date is one of the issues that allows the concept of live reporting. Accurate records are also vital for accurate tax reporting. Cash Book Reconciliation provides a way to ensure the Cash Book is up to date.
Banking: Business Administrator will need to know about any banking you do so that it can keep its accounts up to date, and provide you with accurate financial information.
Bank Charges: As part of a cost management process, tax reporting and account reconciliation, Business Administrator will need information on any items for which your bank has charged you.
Credit Repayments: Entering monthly payments into the books is a simple process, and one that computers can handle easily. Credit repayments, often called debt management, provides a way for you to enter details of ongoing payments so that Business Administrator can continue to keep the books updated.