For any business, the following financial controls are important. First, you must be able to generate sales invoices for services or product delivered to your customers. Secondly, you must be able to record purchases of services or products from your suppliers. A third control which is important to any business is having an accurate picture of trade debtors and creditors. It is often said that “cash is king” in any business.
Being able to record payments received from debtors, and payments made to creditors is an imperative, as is reconciling your bank account to bank statements. Finally, if you are registering for VAT, you need to understand if your business will have a VAT liability or it is due a refund from the Revenue Commissioners.