It is important to maintain a clean accounting book of your business for tax purpose. This will save you a lot of hassles in the near future. Book keeping is the process of maintaining all the records and transactions of a business. Transactions that are tracked are revenue, expense, profits, net profits, dates of transactions and other details.
The reason why book keeping is important to small businesses is because it allows the owners to know exactly what is happening in their business. To make your business grows, you must know the numbers well. Details like revenue and expenses are important numbers that you cannot afford to miss out on.
If you are running a start-up, I will advise you to outsource book keeping to a professional accounting firm. As the number of transactions and details of your business are manageable, you do not need to hire a full-time book keeper. You can now easily find professional accounting firms that help you to maintain your book at an affordable rate.
To save hassles, it is advisable to maintain your book regularly. It should be done either weekly or bi-weekly. This is to ensure that all transactions are noted and enable you to know the current status of your business. Healthy cash flow is what makes a business flourish. You need to make sure that your business cash flow is always positive.
Professional book keepers will either use their own software or a spreadsheet to maintain your book. You must provide them with all the necessary documents such as receipts, invoices, payment vouchers, etc. All other documents that used to track the transactions of your business must be provided.
The price of a book keeping service usually depends on the amount of work that needs to be done. Depending on the size of your business and transaction volumes, book keepers will quote you a fair rate for the service.
If your business deals mostly with cash, it is extremely important that you get a book and record all the daily transactions. Cash is harder to track and therefore simple recording should be done daily.
Before you decide to hire a company, conduct a research on the Internet. Go to Google or Yellow Pages to look for a list of accounting firms. Shortlist a few and call them up. Tell them what you need and gather some quotes before hiring one.
Book keeping is necessary for tax purpose. Therefore, it is important for you to maintain it properly to save your company a lot of trouble.
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