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Maintaining Accurate Sales Records
High sales volume creates new risks around revenue accuracy. Here’s what to watch for and how to stay on top of it.
How to Keep Sales Records Accurate as Your Business Grows
When you’re dealing with a high volume of sales, the risk of errors creeping into your revenue records increases. The most common issue is debtors not being reconciled correctly — invoices sitting as unpaid in the system when they’ve actually been paid, or transactions being coded directly to income without being matched against an invoice.
The fix is straightforward: review your Aged Receivables report regularly. There should be no invoices on there that have already been paid. If there are, your reported income is overstated — and that creates problems at year end.
This is the kind of thing that’s easy to let slide when you’re busy, but it compounds quickly. Build it into a regular weekly or monthly review.