Understand control accounts in Bookkeeping
Introduction
I am Vathani Ariyam, the author of this online course, “Understand control accounts in Bookkeeping,” It is a valuable course for business owners to master the sales and purchase accounts and check with cash flow and the budget. The students are on the lookout for a period in controls; this is ideal for them to learn and practice the format of the control accounts.
So, the crucial benefit for entrepreneurs to use these accounts is preventing business irregularities and fraud.
In this course, you will learn about a control account, the types of control accounts, and how to use that in your business. Even though the two main power accounts widely used are the sales ledger control account and the purchase ledger control. I have mentioned a few more control accounts in this course, such as wages control, inventory control, internal control, and cost control accounts.
Larges organizations employ staff to maintain these control accounts, which helps increase productivity, accuracy, and ease when preparing financial statements and preventing fraud. If you have a manufacturing business having a cost control account allows you to keep all the costs related to the production and constant comparisons with the budget, keeping expenses under control.
Usually, a small business owner keeps all its transactions in one book, extracting the balance from that book and preparing the accounts for submissions.
If the business grows, the owner has to set up control accounts to avoid mistakes and delays in preparing reports as needed for timely submission to the tax department. Besides, the system will face a big mess while extracting the trial balance. Therefore, it is essential to implement control accounts in the business. If not will face problems and also will lose money.
It is a valuable course for business owners and students trying to learn bookkeeping, but you must pay attention when reading the study.
I am sure you will like this course as it helps people like you in many ways.
Thank you for picking my course; please leave a helpful review if you like it.