Administration refers to the systematic recording, organisation and management of financial and other relevant data within an organisation. It includes keeping track of income, expenses, invoices, salaries and other relevant transactions. But it also includes preparing reports and complying with legal obligations.
Why keep records?
Sound accounting, the financial part of administration, provides insight into the financial health of a business. It enables the company to make decisions based on accurate figures and helps meet legal obligations, such as tax returns.
What should an accounting system comply with?
Good records should be accurate, complete and up-to-date. It should meet the legal requirements and standards applicable to the type of business or organisation. This includes keeping track of income, expenses, invoices and receipts. Implementing internal controls and using appropriate software can help streamline processes and minimise errors.
How TriFact365 supports accounting
TriFact365 offers an advanced software platform that helps companies automate and simplify their administrative processes. With features such as automatic line recognition and links to accounting software, TriFact365 makes keeping records more efficient and accurate. This saves time and reduces the risk of errors.