Did you know that the IRS has specific rules about how to keep records, maintain and manage a business?
The objective of bookkeeping is record the transactions carried out by the company and reflect them as established by current accounting standards to comply with the regulations and legal systems of the Internal Revenue Service (IRS) that govern your finances.
You should know that for each transaction, there must be a document that describes it, for example with an invoice, a receipt, a supplier payment, bank payments, etc. From this information, the result of the activity and the financial situation of the company is determined and this allows the planning and development of strategic plans and the development of realistic future objectives for the company.
Bookeeping is the process of tracking and recording a company's financial transactions, it is a facet of doing business and maintaining accurate financial records.
All business activities are recorded based on the company's accounting principles and supporting documentation.
Some examples of financial statements that a company needs are:
• Income and expense report (P&L Profit & Loss statement)
• Bank reconciliation
• Balance sheet status, among other reports that may be required by any institution.
3 Key Benefits of Bookkeeping
- Access to detailed records of all transactions.
With well-managed bookkeeping and accurate recording of all transactions, you can easily discover any discrepancies between the financial statements and what is recorded. This will allow you to quickly detect any errors, which may become a problem in the future and closely monitor your financial capabilities, to move towards greater profits, revolutionary growth and well-deserved success.
- Ability to make informed decisions.
You'll learn some of the best common ways to keep your personal and business finances separate, allowing you to get a clear view of your company's performance, minimizing the risk of accidentally misrepresenting your company's finances.
- Better tax preparation
In this workshop you will learn the best way to plan your taxes throughout the year to be prepared when the time comes to file taxes with the IRS, without setbacks or last-minute complications and to be able to enter tax season with confidence, without the stress. that comes with filing taxes.
Why should you reconcile your accounts monthly?
Monthly reconciliation is the number one secret to preventing fraud or other financial errors, even business owners who do not have an accountant can protect themselves by reconciling their business accounts monthly, avoiding fraud or errors that can have devastating effects on a company.
Warning: Attendance at this workshop is crucial. No refunds will be made in case of no-shows.