Everyone in business must keep records! Monthly financial statements and expense overviews keep you in control of your money. At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow your business. You’ll never be in the dark again.
You need to know where your company stands daily, weekly, monthly, quarterly and annually. Are you making money, is your client base increasing or decreasing, do you have enough money in the bank to meet your obligations, are you meeting the goals you set for your business? Without this knowledge, you have little or no control over your business. You need to know how much inventory you have on hand, how much you need to order, when you need to order, the credit terms your suppliers offer, the balance in your bank account to cover your payments for running business such as rent, utilities, office supplies, inventory, employees’ wages, and payroll taxes. Also, you are likely to be in non-compliance with local, state and federal regulations without proper controls on your finances. Keeping your books up-to-date and accurate is the best remedy for your business’ financial health. It allows you to efficiently manage your business cash flow and obtain the best prices from suppliers as well as the best interest rates from your lenders. The first items your lenders will ask for are updated financial statements and recent tax returns.
Our expert team of bookkeepers import bank statements, categorize transactions, and prepare financial statements every month. Keeping good records is very important to your business. Good records will help you do the following:
- Monitor the progress of your business.
- Prepare your financial statements.
- Identify sources of your income.
- Keep track of your deductible expenses.
- Keep track of your basis in property.
Less time bookkeeping means more time to focus on what you really care about — like helping your business succeed!!!