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Ensure proper training on recording revenue and regular audits to detect any discrepancies.

Regularly review the chart of accounts and provide clear guidelines for expense categorization.

Implement a fixed asset management system and schedule for calculating and recording depreciation.

Conduct regular cash flow analysis and implement strategies for maintaining a healthy cash balance.

Use historical data to account for seasonal variations and adjust budgeting and forecasting accordingly.

Train financial staff to differentiate between cash flow statements and income statements and interpret each correctly.

Perform regular and meticulous inventory audits and use inventory management software to keep track.

Record prepaid expenses accurately and amortize over the appropriate period.

Regularly update all liabilities to reflect current balances and terms of payment.

Understand the meaning and implications of various financial ratios and use them properly in analysis.

Separate non-operating items from operating items for clearer financial reporting and analysis.

Analyze financial statements against previous periods and industry benchmarks to better understand performance.

Keep accurate records of taxable transactions and file returns timely to avoid under or over payment of taxes.

Maintain complete and organized records that allow tracking of financial transactions back to the source.