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If you’ve been following along the past few weeks then you know we’ve discussed what bookkeeping is and answered who needs bookkeeping.  Today we wanted to answer why you need bookkeeping for your business. 

Remember bookkeeping is the recording, storing and retrieving of day-to-day financial transactions for your business.  It helps organize your business, keeps you in compliance with State laws and allows you to see in-depth of how your business is doing.

So why do you need bookkeeping?

Well if you’re interest in reducing the risk of an IRS audit, then bookkeeping is the first step and most important step in this reduction.  Bookkeeping allows you to track your profits by organizing your finances in a way where you can understand where your profits and expenses are coming from.  You’ll be able to visualize reports for your company – actually getting to see how money is being allocated, including a profit-loss ratio. 

Tax savings are a huge benefit to proper bookkeeping.  By streamlining the process you will be able to provide correct, error-free reports to your accountant.  In addition, you’ll be able to final separate your business from your personal expenses by organizing your books.

Certified Bookkeepers can help you do all of this.  With one phone call you can sit down with one of our CPAs and one of our Certified Bookkeepers to get started organizing your business’ records.  Give us a call at 573-686-3053 to get your appointment scheduled.