Day: November 25, 2019

What Bookkeepers Want Small Business Owners to Know

Being a bookkeeper is not a glamorous job. There are no fancy products to really showcase the value the service brings to all business industries. Part of my job as a bookkeeper is to educate my clients on the key reasons why professional bookkeeping is so crucial to the overall success of their business. Below are 6 of these reasons. 1. Accurate and organized financial data is NECESSARY. As a business owner, it is your job to keep financial accurate and organized financial records. Those records can tell you how well the business is doing, where the money is coming from, and where it is going. Aside from the obvious, it can help you should there be an audit. Being able to clearly explain any transaction at any given time can potentially save you tens of thousands of dollars. 2. Proper categorization of the Income and Expenses. For tax purposes this is particularly important because getting it wrong can mean an audit, over or understated income and expenses, missed deductions, and overpayment or underpayment of tax liabilities. 3. Timely reporting of sales and payroll tax. As a business owner, there are several tax reporting agencies that require timely filing and