The Value of Our Services
So, did you make a profit on your last sale? How much? Don’t you think you overspent on the purchase of that latest model equipment? Was it even that necessary? If you want to know the answers to these and innumerable other questions regarding your finances and keep up with your financial records, you need to seriously consider engaging a professional bookkeeping service.
What is the Bookkeeping System?
The application of an accurate bookkeeping system to your business, big or small, is a crucial factor in its sound management. Every cent as well as its proper documentation counts. Not being able to fully evaluate your business’ most basic income or expenses could very well spell the difference between profit and loss. Besides, the growth of your company may be severely compromised by a poorly or haphazardly recorded cash flow.
Bookkeeping is integral in every legal or financial management aspect of any business. It provides a clear picture, at a glance of your company’s health by maintaining precise records through financial data in the form of balance sheets, income, and cash flow statements, financial statements, and more.
What exactly is bookkeeping and how important is it for you and your business?
Bookkeeping is the practice of recording, on a regular schedule, a company’s cash flow or financial transactions. Cash flow pertains to the incoming (income like salary, customer payments, and collections) and outgoing (expenses like payroll and purchasing of materials) cash in a business or even an individual’s account.
Through correct and accurate bookkeeping, individuals and companies, whether big or small, can conveniently track all information with regard to their financial status and thus are able to make fact-based and wise decisions involving investments, operation and expansion, and other finance-related matters.
Apart from having a highly organized book of cash flow, your ability to strategize in order to grow and expand your business is augmented by reliable bookkeeping as you have a good perspective of your financial data.
It is also important to note that a good bookkeeping practice would allow you to stay compliant with IRS tax regulations and protect you from possible IRS questions and audits.
Bookkeepers are professionals whose practice involves managing all of a company’s financial data. They are responsible for a company’s ready access to information about past and current transactions and financial standing.
The value of maintaining precise financial records through bookkeeping cannot be overemphasized. Sometimes, with the thought of saving on costs, some start-up companies will try to do away with hiring professional bookkeepers and strive to do it themselves. This mindset, unfortunately, leads to detrimental mistakes and more expenses. Having a professional and thorough bookkeeping system as provided by ALLB Accounting Services accords an individual or company a well-founded measure of their financial stability and performance. In addition, it clearly presents valuable and necessary information towards the recognition of the company’s potential revenue and income. This knowledge thereby allows you to come up with informed decisions on how to grow your business.
External users, the likes of which are investors, institutions of finance and government agencies will also have to rely on meticulous and error-free records to be able to make sound decisions regarding investments and loans.
What can Bookkeeping Services do?
Let’s look into some of the benefits an ALLB Accounting Services professional bookkeeping service provides.
- Manage your cash flow more efficiently
With systematic bookkeeping in place, you are able to closely monitor the movement of cash in and out of your business. You would have a good idea of your profits and how well they can cover your expected expenses. This way, you can be proactive and confidently plan ahead for every need that may arise.
- Keeps a precise record of all your financial transactions
The mechanics of managing a business all boils down to knowing your cash flow. Where is the money coming from and where does it go? Did you make a good sale last month? Are you spending too much on renovations? Diligently tracking your financial status through proper bookkeeping will give you a very clear picture of this.
- Makes it easy to review your expenses and develop a better budgeting scheme
Everything involves the input and output of cash. Understanding where the most profit is coming from and where it goes is crucial in running a business. Which products or services are generating more income for you? What are you spending too much on? A tried and tested bookkeeping system will show you the numbers, making it easy for you to study them and make the necessary adjustments in the budget thereby increasing your profitability.
A good bookkeeping practice can also aid in identifying expenditures that are not too necessary, thus, giving you the opportunity to channel your resources to a more productive venture or strategy.
A correctly recorded financial statement is very helpful in assessing your company’s performance and will give you a good insight into what changes can be made in order to improve your revenues.
- Avoid the stress that comes with the tax season
A well-prepared book can spare you the difficulty of going through a huge volume of files and documents to get the information needed. This is where you will definitely appreciate having a well-organized bookkeeping system. Your invoices will practically be at your fingertips and potential tax write-offs are quite easily recognizable.
5.Be ready in case of an IRS audit
Full compliance with IRS tax laws does not necessarily exempt you from being audited. In the event of an audit, having a methodical book will be a lifesaver. You will be well equipped to answer all the queries regarding expenditures, profits, losses, tax returns and deductions and so many more without having to spend too much time in the process.
Why Our Bookkeeping Services?
Engage in an ALLB Accounting Services bookkeeping service to aid in growing your business. We will do the tedious tasks for you so you can concentrate all your time and efforts on strategizing and planning your next business moves.
Give us a call and let’s talk.
Phone number : (043) 247-2519
What can Bookkeeping Services do?
Products & Solutions
Accounting & Bookkeeping
Overall practice of managing finances of a business or individual, specifically to the tasks and practices involved in recording the financial activities.
Compliance & Payroll
We will get your payroll done correctly and more simply issuing employee paychecks on time.
Business Performance Monitor
Performance management and analytic processes that enables the management of an organization’s performance to achieve one or more pre-selected goals.
Cloud Accounting Database
We use several cloud accounting database which is available to you 24/7 reel-time like Xero, Quikbooks, MYOB, Evolution, etc.
The Value of
Accounting in your company
Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.