Bookkeeping is a necessary evil that all business owners must face in managing their businesses. We understand that the most unproductive task in your business is the bookkeeping and paperwork. It makes sense to outsource it to professionals who can do it faster and more accurately. Let TAG Bookkeeping & Accounting take away the stress of bookkeeping and give you back time to make more money or to spend with your family.
Maintaining up to date records is vital when running a business for several reasons:
• In order to prepare financial statements, including your BAS, you will need accurate records. Making sure your bookkeeping records are accurate and up-to-date, allows you to always know who owes you money and who you owe money to. Financial statements also provide you with information such as your company’s liabilities, assets and equity. In order to obtain a loan or credit you will need accurate financial statements.
• Come tax time and end of financial year you need to make sure your records are in order. This will allow you to make sure you are able to track all your company’s deductions so that you do not end up paying more tax than you absolutely have to. Also, as we also have a qualified accountant, you will save time and money when you take your records to your accountant. And if you don’t have an accountant we can do that for you too.
• Without good bookkeeping it is difficult to assess if your business is profitable and progressing or not. When you keep good records you are able to determine which items or services are selling and where you may need to make improvements.
• It is helpful to know when you’re busy and slow times of year are in order to assess when you can make large purchases, employ extra staff or take holidays.
• There is always the possibility that your company may be audited by the ATO. If your records are accurate and up-to-date it will take a lot of the stress out of this situation.
• Should you ever decide to sell your business, you will need accurate financial records to show potential buyers.