I would like to discuss a few benefits of bookkeeping in this post.
Benefits of Bookkeeping
Bookkeeping is the only way to keep track of the success or failure of your business. Without accurate bookkeeping you wouldn’t be able to know if your advertising and marketing programs were getting results that made the investment worthwhile. You wouldn’t know if the right amount of money was coming into your business and if the right amount was going to pay for your overhead. You would not know if you had enough money to operate your business without bookkeeping.
Here are four benefits of having good, accurate and timely bookkeeping.
Benefits of Bookkeeping – 1. Keeping accurate records provides a way to manage your cash and to keep a paper or digital trail of your finances.
Benefits of Bookkeeping – 2. Keeping accurate records makes it easier for potential lenders or investors to make decisions about investing in your business.
Benefits of Bookkeeping – 3. Accurate bookkeeping helps keep you in compliance with business tax laws and if you are audited by the IRS, that you have all the necessary audit, tax returns, receipts, cancelled checks, etc, available.
Benefits of Bookkeeping – 4. Accurate bookkeeping increases the ability for companies to detect fraud and embezzlement. If you have partners or employees, there is always a chance that your business will experience fraud or embezzlement. Good bookkeeping will spot suspicious transactions and provide you with a record of it.
Manal Oliver is both a certified accountant and bookkeeper, so you get the best of both worlds. For expert bookkeeping services in Miami Beach or remote bookkeeping, contact YourBookkeepingDept.com
