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Small Business Insights

Why is it important to keep good accounting records?

Posted on September 27, 2017 at 2:55 PM



As a business owner, I know that running a business involves a lot of different aspects from sales to day-to-day operations. And from my experience as an Accountant, I've noticed that most businesses neglect managing and maintaining thier accounting records.


Many business owners have reasons for not keeping up accurate records.  Here is a few I've heard:

 

  • I don't like working with numbers
  • It takes up too much time
  • It give me a headache just thinking about it
  • It's too much paperwork involved

 


Just to name a few!


Whatever the issue you may have about keeping good accounting records for your company, you would agree that it is an important aspect of running a business. So then why all the excuses, I ask?


Keeping good accounting records allow you to know the strengths and weakenesses of your business's health so you can make better business decisions.


And during the tax season, wouldn't it feel great to have your accounting records organized and up-to-date. Hiring an Accountant will cost you a hefty penny to get your accounting records prepared before filing your taxes.


And what if you're notified by the IRS that they need to perform an audit of your business records, you'll need to show accurate accounting records of your business. Wouldn't it feel great to be prepared? 


Try setting aside a few hours a month to manage and maintain your accounting records.  If you find that keeping your records up-to-date is time consuming, it would be cost efficient to outsource your bookkeeping needs.


B&M Financial Management Services has assists many small businesses with year round audit and tax preparations.


 

Theresa Todman, Managing Partner/CEO of B&M Financial Management Services, LLC . Theresa works with small business owners and entrepreneurs to assist them with financial management and creating organized systems and procedures. She specializes in bookkeeping, accounting, QuickBooks solutions, small business tax issues and consulting.

 

 

 

 



Categories: Money Management, Small Business Management , Startup Success

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1 Comment

Reply Wrio
4:30 AM on February 13, 2018 
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