Why is Bookkeeping Important?
Regular and accurate bookkeeping is a vital yet tedious part of keeping on track with one’s finances. Assets, liabilities, and equity, make up a lot of a company’s balance sheet. By the end of each year, a business must have its books balanced with each item tracked and accounted for.
Whether it’s a small business or a large corporation, this is a process that all enterprises must go through. It is the type of entity that is a different process.
Two Types of Bookkeeping Entries:
Single-Entry: A system based on the income statement (profit or loss statement). It can be a simple and practical system if taxpayers are starting a small business. The system records the flow of income and expenses through the use of:
- A daily summary of cash receipts, and
- Monthly summaries of cash receipts and disbursements.
Double-Entry: A system uses journals and ledgers. Transactions are first entered in a journal and then posted to ledger accounts.
Entry selection is where most entities need assistance as analyzing the data can be both confusing and difficult. Businesses that are just getting started especially find this process challenging as they need help setting up or making organizational changes.
Need Bookkeeping Service:
At Coast One Tax Group our expert bookkeepers help customers maintain their ledgers with ease. We take a proactive approach to our clients’ bookkeeping needs by simplifying the tracking of cash flow, monitoring business pulses, and more.
Our tax professionals keep records and bookkeeping up to date and clients always keep our clients ready for tax season.
Coast One Tax Group accountants can guarantee the following:
- Will be there every step of the way with their expertise and relief from the stress of tax prep and worries.
- Accurately bookkeep, categorize transactions, and prepare financial statements for you to see their cash flow.
- Provide clients with comprehensive, easy-to-read financial reports, giving customers the confidence when they make a big decision about the future, whether you are a business owner or individual taxpayer, you are doing so with accurate, timely information of the client’s financial status.
- Assist clients to understand the story behind numbers with an action plan to help optimize their finances.
- Give insights, support, and advice clients need to have full visibility into your finances.
Interested in bookkeeping services?
Call us today at 18009010885 or schedule a free consultation with our tax experts to get started.