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What is Bookkeeping?

Posted by Megan Valenzuela Posted on Jan 03 2017

 

Here at Denton & Associates we believe that your financials are the heartbeat of your company.  So to make sure you have a strong and healthy heartbeat, you need to be handling your bookkeeping properly.  A lot of new business owners aren’t always sure what bookkeeping is, who needs it and why you need it.  That’s where we come in.  We like to educate our clients to help them understand the benefits of bookkeeping and why it’s important to have a professional help you.

Today, we want to share with you what bookkeeping is.  Stay tuned to next week’s post where we will go more in depth who needs bookkeeping.

What exactly is bookkeeping?

Bookkeeping is the recording, storing and retrieving of day-to-day financial transactions for your business.  It helps provide financial reports and statements, monitors accounts receivable and records receipts from customers.  Bookkeeping also simplifies paying invoices from suppliers on time and records depreciation for your business.  In addition, bookkeeping processes employee payroll and payroll taxes to help keep your business legal. 

Bookkeeping is vital to your business’ success.  It computes and files all sales and use taxes for business owners on a monthly, quarterly or annual basis to ensure compliance with State laws.

Who needs bookkeeping?  Well look for next week’s post and we’ll share what type of business owner actually needs bookkeeping.  If you have any questions before then or would like to sit down with one of our CPAs, give us a call at 573-686-3053.

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