How can you tell if your company’s accounting is being done correctly?

Accurate accounting is demonstrated by the timely submission of reports and the absence of discrepancies between source documents, accounting ledgers, and bank statements. If an accountant systematically generates reconciliation reports, submits tax and payroll reports, and correctly prepares primary documents, then the accounting is being done correctly. The first sign of possible violations are fines, account freezes, or inquiries from tax authorities.