Reliable bookkeeping services will save you time, money, and your sanity the next time you file business taxes.
Are you wondering if your business needs to hire bookkeeping services? If you’re trying to manage all of your company’s financial records in-house, you may be in for a rude awakening come tax season. The expertise of a talented bookkeeper is worth their weight in gold. Once you turn your statements over to a third-party service, your only regret will be not doing it sooner. Check out three great reasons it’s time for help with your books.
Create an Easy to Read Accounting Ledger
When it comes time to file your business taxes, you need documents that are clear and concise. You may think you can manage your accounting records on your own, but that’s not always realistic. As a business owner, you have a lot of other, more pressing issues to worry about during the work week. And, you don’t want to spend your days off trying to organize your accounting ledger.
A skilled bookkeeper, however, will make sure your records are ready for tax season. You’ll have everything you need to prepare your taxes by the deadline. You won’t waste any valuable time trying to gather lost information or misplaced reports. Think about how much easier it will be to manage your taxes if you have a bookkeeper working for you.
Provide an Audit-Proof Paper Trail
The ultimate goal when you file your taxes is not to get audited. Yes, you want to claim as many deductions as possible, but if the IRS questions your taxes, you need to have a way to defend them. A bookkeeper will record every business expense. They will also make sure you have a solid paper trail of receipts and other documentation to prove these expenses are legitimate.
How does this help you? With evidence to back up your deductions, you won’t have to worry about a potential audit when filing your taxes. If the IRS asks you for proof, your bookkeeper will have it ready to go.
Maintain and Organize Financial Statements
It might surprise you to know how many business owners are unaware of their company’s current financial status. They often get too wrapped up in the day-to-day dealings of the business to analyze their financial documents. Unfortunately, this can lead to devastating consequences come tax season.
A bookkeeper will create financial statements for your company. You can request these every week, month, or quarter, depending on your business needs. This way, you’ll know exactly how much money your company has on hand at any given time. You’ll be able to review the cash flow to make sure you’re staying on budget. And, you’ll also see any discrepancies that could cause problems when you file your taxes. Knowing how much cash you have on hand will help you plan tax strategies to save money when you file your business taxes.
Trust Your Business Finances with a Bookkeeping Company
A bookkeeper will make your job easier. Imagine how much more time you’ll have to devote to other aspects of your company once you entrust a third-party with your financial records. Plus, you’ll find filing your business taxes goes a lot easier than before. You won’t have to scramble at the last minute to gather documents that you forgot to record. You won’t neglect to enter an expense on your accounting ledger.
You can trust Incompass Tax, Estate & Business Solutions with your bookkeeping needs. We’ll work with you throughout the year to make sure your financial records are ready when April 15th rolls around. Contact us today to learn how our reliable bookkeeping services will give you peace of mind.