An organized and consistent accounting management is essential for the proper functioning of any company. Keeping records up to date not only ensures tax compliance, but also provides key information for strategic decision-making and the financial sustainability of the business.

Accounting best practices

1. Daily recording of transactions: Recording income, expenses, and financial transactions on a daily basis prevents cumulative errors and facilitates monthly accounting closeouts.

2. Periodic bank reconciliation: Regularly comparing accounting records with bank statements helps identify discrepancies and prevent liquidity issues.

3. Control of accounts receivable and payable: Maintaining accurate tracking of issued and received invoices ensures healthy cash flow and reduces the risk of delinquency.

4. Up-to-date tax obligations: Meeting DGII deadlines for ISR, ITBIS, and labor contributions avoids penalties and preserves the company’s reputation.

5. Use of accounting technology: Implementing digital accounting systems or electronic invoicing helps automate processes, reduce human error, and generate accurate real-time reports.

Strategic recommendations

• Annual planning and budgeting: incorporate tax and operating expenses into a comprehensive financial plan.

• Periodic internal audits: regularly reviewing accounting records helps identify areas for improvement and ensures data integrity.

• Staff training: ensure that accounting and administrative teams stay up to date on tax regulations and internal procedures.

• External professional advisory: having the support of accounting and tax specialists ensures management meets quality standards and current regulations.

Maintaining sound accounting management is key to business sustainability and growth. At Harbest, we support our clients in implementing robust accounting systems, offering technical advisory, ongoing monitoring, and regulatory compliance so that accounting becomes a strategic ally—not just a legal obligation.

Fuentes:

• Dirección General de Impuestos Internos (DGII) – Normativa contable y fiscal vigente
• PwC Dominicana – Buenas prácticas contables para empresas