The Importance of Accurate Records
In real-time, accurate accounting records tell you cash-on-hand and how good of a job you are doing managing and growing your business.
Accounting is a system of record keeping that is required by the US Treasury Department for entities that are involved in a trade or business. Individuals are also required to keep a record of their income and if they have a business, they will need to keep a record of expenses as well.
The Internal Revenue Services (IRS) required of individuals (sole proprietor), entrepreneur and business owners to keep GOOD Accounting Records of their business earnings and expenses during a calendar year or fiscal year. It is also require of you to keep accurate records if you are (sole proprietor) or incorporated.
Accurate accounting records are a good measurement of your talents – It tell bankers and other interested parties if you are profitable. It measures the net worth of your business and places a value on your hard sweat and efforts.
What is the value of your business or how much money did the business made in a given year since inception.
What is GAAP? GAAP stands for General Accepted Accounting Principles. It’s the formal training one’s get on what are acceptable accounting practices when recording and reporting accounting transactions.
If you do not have GAAP training or background, then you will need an Accounting Professional. Accounting Professionals can help you with your monthly record keeping and file your taxes with the IRS at year-end. They can save you TIME and MONEY throughout the year.
At Premier Financial Tax and Accounting Services dba Friendly Tax Services, we utilize Quickbook online (Qboonline) or the Desktop version to keep records of our clients books.
Hire An Accountant or Bookkeeper – Hire Us
- Good Tax Planning Includes Good Record Keeping
- The Home Office Deductions
- Good Recordkeeping Is Just Good Business