One of the most important pieces to making a business successful is a structured bookkeeping system. It is an essential process that must be executed efficiently and accurately. Don’t fall victim to disorganized bills, sales receipts etc. You risk drowning in a pit of debt and inaccurate accounting records. Here are the reasons you need an experienced adviser handling your bookkeeping and making you / your company thrive.
Organization is Key:
For the best results, your bookkeeping manager should facilitate a paperless computer based system that will keep all of your accounting records in one online place. This allows you, as well as your management team to access the records at any time for any reason. Use online software such as QuickBooks™. This allows you to utilize the software’s various functions to suitably organize the sales, payments, etc. into the format of your liking. Not to mention, the computer calculates all of the numbers you, or your management team have recorded. This saves time and effort that could be put into other responsibilities. Although the records are now electronic, it is essential to keep track of any and all paper documents in a proper filing system that is chronologically and/or alphabetically ordered.
Audit Prevention and Preparedness:
Besides debt, the word AUDIT is a chilling word to many companies. If your accounting records are jumbled or disorganized, then there is a high chance that the data is inaccurate because of something as simple as a wrong or missing decimal place. This sometimes results in faulty tax documents that will have the IRS contacting you for an audit and can lead to penalties. This tumultuous cycle of disorganization ends in failing an audit and putting your company in disastrous circumstances. Fortunately, this can be prevented by putting the proper systems in place. Organizes your data on accounting software and keep your documentation in a structured filing system. Do that and you will be prepared for any complicated audit that comes your way.
Avoid Missing Legitimate Deductions:
If your books are not recorded in an organized matter, there is a high chance that you are paying more taxes than you should. For a business, paying as little tax as possible is a goal of most company owners. Therefore, if you have anything you can legally write off, such as a loss, it is important to properly report it to the IRS. These types of tax breaks are easier to find and take advantage of when you have accurate, properly structured data.
Save Precious Time:
Perhaps the biggest complaint of business owners is that there are never enough hours in the day to complete all of the responsibilities necessary. Don’t waste time by putting bookkeeping off to the very last minute. This will put you under enormous stress and the rush will increase your chances of making an error. What happens if you don’t feel as if there are enough hours in the day to do your daily tasks AND the bookkeeping? Hire a bookkeeping or management company like Tsadik G Management that will do this for you.
Effectively Monitor your Company’s Status:
Having an accurate bookkeeping system will provide you with peace of mind and allow you to constantly monitor how your company is doing. With the documents organized and data properly entered, you will be able to see what has been paid, earned and what can be cut to maximize profits. This prevents you from facing penalties from the IRS, and it saves you the time of scrambling to prepare for an audit. Having documents recorded efficiently and accurately by a manager doing your bookkeeping puts you as well as your company in good health.
How TGM can help:
TGM offers a variety of services that include bookkeeping, payroll, and management consulting. Our CEO is a Certified QuickBooks ™ Proadvisor that has effectively revamped the finances of various companies under her management. Count on TGM to make sure you’re your data and documents are recorded efficiently and accurately!