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Bookkeeping, Recordkeeping & Financial Records Services

Why do you need bookkeeping?

Bookkeeping is one of the most fundamental responsibilities of your business. As a small business owner, you could do your own bookkeeping, but you should consider investing in a bookkeeping service that will save you not only your valuable time but also the danger of making very expensive financial mistake.

The IRS requires everyone in business to keep financial records. 

One of the challenges of owning your own business is having to function in multiple roles, from sales to operations to administration – you are probably trying to do it all.  When you started your business you had a passion for something and more than likely you did not say, “I can’t wait to start my own business and do paperwork and maintain financial records all day!

Paperwork is our passion

Who would say that? Well, we do, but that’s because paperwork is our passion!  But the truth is that every business owner needs financial records, not only to meet the guidelines from Uncle Sam, but also to provide data and insight into how the business is performing and how to make it better.

bookkeeping
bookkeeping

While IRS does not require the method in which the records are kept, there are many reasons to keep them up to date in an accurate, timely and consistent manner.

How can Accounting & Business Partners help me?

  • Are you an entrepreneur with a new idea or franchise opportunity and want some guidance, advice or assistance with a business plan?
  • Are you a new start up business and need financial administration services or guidance, advice or just someone to ask a question?
  • Are you an existing business and you want to grow the business or manage cash planning better, need a succession plan or simply want someone who you can meet with about your business?
  • Do you have an in-house bookkeeper and want someone to oversee their work?
  • Maybe you just want the basics, prepare the books and records and file the necessary tax returns

We provide solutions for all of these situations and more.  We customize a weekly, monthly or quarterly package or provide “a la carte” services.  We work with you as a business partner and provide support services so you can live your life and get back to what you do best.

Benefits of accurate bookkeeping

Monitor the progress of your business

You need to know your results to monitor the progress of your business. Financial reports and data can show whether your business is improving, which items are selling, or what changes you need to make. Accurate and timely financial reports can increase the likelihood of business success.

Obtain a loan or request credit from suppliers

Banks and suppliers will not give you credit based on your word that you will pay timely.  They require proof.  Proof in the form of a Balance Sheet showing what you own and what you owe and a Profit and Loss statement showing how much you are making each month and year.

Prepare your tax returns

You need financial statements to prepare your tax returns. The financial statements provide the required information to complete your business and personal tax returns.

Support items reported on tax returns

The information reported on the tax return must be backed up by source documents (receipts, invoices, canceled checks).  You must keep your business records available at all times for inspection by the IRS. If the IRS examines any of your tax returns, you may be asked to explain the items reported.

Click here for the IRS publication 583 – Starting A Business & Keeping Records.

bookkeeping
bookkeeping

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We’re here for you because every number counts

We look at your entire business as a whole, not just the financial statements, in order to provide you with the best possible plan for success.

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