Running a business without bookkeeping is the equivalent of managing your personal finances without ever looking at your bank account. Bookkeeping is the most essential aspect of any company’s financials and it’s the bases for financial planning, forecasting, budgeting, tax planning, and more. When you speak with an expert bookkeeper at A & N Accounting, we will create a plan to bring your books current and ensure that all future transactions are recorded accurately so that you have a picture of exactly where your company stands financially. Let’s take a look at some of the top benefits of bookkeeping.
Cash Flow and Management
Reliable bookkeeping services allow you to have the peace of mind to track every cent that comes in and out of the company. Whether you’re a small startup looking to make every penny count, or you’re a large company that’s looking for ways to cut costs and refine your products, this idea of cash flow and management is crucial and it can only be attained through bookkeeping.
Financial Planning Benefits
How could you plan for the financial future of your company if you don’t have an accurate picture of where your company stands financially? With accurate bookkeeping, your company will be able to identify the most costly decisions you’re making and how to fix them. This could also include something like tax planning where you need an in-depth understanding of your company’s financials in order to benefit from tax shelters. You also need to understand cash flow in order to forecast potential growth and plan a budget to help you achieve the goals you’ve set for your company.
Many new business owners are unaware of all of the potential compliance issues their company could face whether it’s staying up to date with tax laws (both state and federal) or other issues like IRS audits. Financial statements not only allow you to navigate you these regulations but they can help represent you if you have overdue taxes or face other legal issues.
Although it’s uncommon, embezzlement and fraud do exist and there’s nothing saying that it can’t happen to you. The truth is, these things happen to business owners who least expect it, and if your books are a mess and you have no reliable financial statements to go off of, you’re never even going to know there’s a problem in the first place.
Here at A & N Accounting, we understand the immense importance of accurate and consistent bookkeeping. This is why we offer convenient and reliable bookkeeping services that work around your busy schedule. Need an in-house accountant or bookkeeper? We can do that. Need us to work remotely? We can do that too. We aim to provide every company small and large with a full range of financial services including accounting, financial analysis, forecasting and budgeting, tax planning, bookkeeping, payroll, and general business solutions. Contact us today.