While we may not keep all our overly ambitious personal New Year’s resolutions, one resolution every business owner should make and keep is to prioritize professional bookkeeping as a strategic business goal. “Successful businesses understand that bookkeeping is not a monthly service but a service that provides organizational awareness, mindful financial planning, and aids in progressive goal achievement,” explains Greg J. Menia, CPA and founder of Accurate Tax & Bookkeeping Services.
What is the Main Purpose of Bookkeeping Services?
The primary purpose of bookkeeping services is to record and keep all financial data in an orderly and accessible format. Proper bookkeeping allows businesses to track accounts and make critical decisions based on the information.
Why is Bookkeeping Important?
Keeping books in order is an ongoing process, even if the business has professional bookkeeping services. “While it might be stressful and time-consuming, it is one of the most valuable things a person can do for their business. Bookkeeping tells the owner what is or isn’t in the account, provides insight on revenue flow, and can uncover problems such as under-charging for goods or services so the business owner can make critical adjustments in real-time,” he continues.
What Bookkeeping Tips Should I Keep Year Round?
The Brandon bookkeeping service recommends following these seasonally-inspired bookkeeping goals and tips.
Prepare for Tax Season Sooner Rather than Later
Having a bookkeeper means preparing for tax season is an ongoing process that avoids the tax season rush. Hiring a professional bookkeeper, anything that can be started in advance of filing, will save time and frustration.
Get Organized for the Future
Use the new year as a starting point to develop organizational habits. Begin now to keep records of bills, receipts, and invoices. This practice will help maintain accurate accounts payable and accounts receivable throughout the year and make the following year’s taxes easier. It should be a weekly activity, monthly at the bare minimum.
Develop a Budget
Any business serious about being profitable needs to delve into its accounts, develop a monthly budget, and stick to it. It is best to do this in January and review it monthly to stay on target.
Perform Regular Bank Reconciliations
Reconcile accounts monthly, and look for any errors. Clean-up identified issues at that time to avoid issues in future accounting.
Stay On Top of Accounts Receivables
It is easy to neglect accounts receivables on accounts 30 days past due. But they need to be appropriately handled. Accounts that are 30,60,90 days past due will require pay reminders, and those accounts past that may need to be written off as bad debt.
Review the Cost of Goods and Services Regularly
The lasting effects of supply chain issues continue to impact many businesses. The prices of supplies, materials, and products have drastically changed, so the business should regularly review its pricing structures.
Find a Trusted Bookkeeper
One of the most valuable things a business owner can do is find qualified bookkeeping services like those offered by Accurate Tax & Bookkeeping Services to support business success. A qualified professional will be highly skilled in bookkeeping practices, accounting, tax preparation, tax planning, payroll, and IRS/State representation.
Accurate Tax & Bookkeeping Services
Accurate Tax & Bookkeeping Services, LLC (ATBS), is a full-service tax, accounting, and consulting firm in Brandon, offering services to businesses and individuals throughout the Tampa Bay area. Their expertise includes tax preparation and planning, accounting and bookkeeping, payroll, and representation in IRS/State matters.
For more information about bookkeeping or other services, call (813) 655-9702.
Accurate Tax & Bookkeeping Services
710 Oakfield Dr.
Brandon, FL 33511