How Outsourced Bookkeeping Can Save Your Business
Operating without records is like driving without brakes – CRITICAL – both are necessities. You may be thinking, “If my business takes in enough money, all these paperwork matters will resolve themselves. If they don’t, I’ll hire someone to clean them up later.” PLEASE THINK TWICE ABOUT THIS! How effective, or ineffective, your accounting is not only affects your cash flow, but your survival rate.
An accurate bookkeeping system is also crucial for preparing your annual federal and state income tax returns and filing sales tax and/or payroll and taxes in a timely manner. Ignoring your books is inviting disaster. If the IRS ever audits you or your business and finds insufficient records or significant mistakes in your bookkeeping, it can disallow deductions. The IRS can also impose fines and penalties, possibly forcing you out of business and wiping out any savings.