How Good Bookkeeping Can Save Your Business Money!
Our certified public bookkeeper Tasha Yao has an important message for business owners: make sure your books are up to date!
One of the primary benefits of good bookkeeping is that you will have a clear understanding of how well your business is doing. With accurate financials, you'll be able to answer questions like, how's my cash flow doing? Are we having issues in terms of cash flow? Do I need to invest more or get a loan for more working capital? Am I able to hire someone to help me manage my business or just hire another staff to help me out?
You will also be able to catch errors ahead of time. What you don't want is to wait at the end of the year, because rushing to meet the tax deadline will result in errors that cost you time and money.
Another benefit to having accurate financials and up-to-date books is so that you can plan, budget, and do tax planning. Tax planning is very important because it will help you reduce your tax liability. If you rely on estimates and inaccurate books, you're going to get hit with a surprise when you file your tax return.