Best Practices: The Five R’sPosted on November 27th, 2017
Accounting is an art, not a science.
It’s something accountants hate to admit but ultimately need to acknowledge in order to work together. In accounting, the same result—a bank account reconciliation, for example—can be achieved in multiple ways. Some people prefer the old-fashioned pen-and-paper method; others prefer to use their accounting software.
Although we have our preferred accounting methods that we at Moss CPA consider best practices, not all accountants do things this way. Our method is just one of the many things that distinguish us from other firms.
Following is Moss CPA’s approach to accounting, which centers on the Five R’s:
- Recording transactions in a timely manner
- Reconciling your accounts
- Reviewing your records and transactions regularly
- Reporting your financial data accurately
- Retaining your information and records securely
We’ll explore each of these topics in an in-depth blog post, so check back soon to learn more about our Five-R approach!