It is the end of the financial year. Your client, XYZ company requires assistance identifying and managing the risks of taxation compliance.

Prepare a financial extract to identify and manage risks by advising your client which transactions to collect and enter in the accounting system. Include revenues and expenses. Specifically mention livestock selling expenses that are incurred away from the business and for which the manager often forgets to collect a receipt. Describe how bank accounts can be set up to ensure this type of transaction is recorded.