Each time a year comes to an end, companies are required by law to give a clear accounting detail of all their financial dealings.  To be able to do this effectively, accountants are required to clearly keep records as they arise by the day.  When receipts and petty cash vouchers are not filed accordingly, then it becomes very difficult to put the records together in time and have a report ready at the end of each year.  Any financial report must have different columns which indicate all the received income for the year past and all the expenses as they arise.  The expenses should include receipts and petty cash vouchers and should have been authorized by an authorized staff of the company. The advent of technology has made it even easier … Read entire article »