The Importance of Bookkeeping

Bookkeeping is essential to any business either small sized or big business. When this vital process is neglected, it will have a direct adverse effect on the business. Bookkeeping is the organization and storage of accounting and financial documents. It includes the creation and management of financial statements, ledgers, income tax returns and business journals. The following explains the importance of bookkeeping:

Enhances financial analysis and management

The management of cash flow in a business is among the most important things to focus on. Failure to ensure that invoices are paid on time; payments from customers are followed up and recorded and ensuring that your suppliers are paid, will eventually crumble your business. Bookkeeping enables you to keep track of all your operations and reminds you of what needs to be done and identify growth opportunities and over-expenditures. 

Enables you to meet your tax obligations

Bookkeeping guides you on how to keep track of all your business information and documents. By keeping all your records in order, you will be able to know how much you are supposed to pay as tax and your revenue. When the time to file your tax returns arrives, you will have potentially no shortfalls because everything is planned for and the money is already set aside.

Makes it easier to report to investors

You will no longer have to worry about the information you will give to your investors and board members. Every little detail will be recorded and filled accordingly. Any financial document will be readily available if requested by the board or upper management.

Business planning is easy

Bookkeeping can enable you to see whether you are making profits or losses. By the use of an updated profit and loss accounts or the balance sheet of your business, you will be able to understand the financial position of your business at any time. It can also help you plan your business appropriately in many ways. In case you are making losses, you will identify the areas that are not making profits and improve those areas or make the necessary changes.

Reduces the stress of an audit

In case an audit is done on your company or business, you will rest easy knowing that everything is in order. Additionally, having your accounts updated will make the entire audit process more easy, less costly and fast. You will be able to go back to doing business instead of spending countless hours trying to explain your books.
In summary, professional bookkeeping is important to any business or organization. To ensure that all your records are kept in a proper manner, it is important to hire a professional bookkeeper. 

Accelerated Accounting

Tucson Accounting, Bookkeeping, and Tax Preparation Experts
145 E. University Blvd., Suite 1A
Tucson, AZ 85705

(800) 272-4005

Tips on How to Achieve Business and Personal Success

Achieve Business and Personal Success

Most people think that by starting a business, they will start making a lot of money and profits immediately. What they forget is that making money or profit in business is not as easy it seems to be. You need to be flexible, have good planning skills, make sacrifices and have exceptional organizational abilities for you to succeed. The following are tips on how to achieve business and personal success:

Be organized

For you to succeed in business and in life, you need to be well organized. Being organized means being at the right place at the right time, doing things according to plan, completing each item according to priority and plan, and staying focused on objectives. The best way to ensure that you stay organized is to have a to-do –list each day. This will help in ensuring that nothing is forgotten or left unattended, and properly prioritized. 

Offer your customers and clients what they need

Most people jump into doing businesses based on what they think will sale or will be successful instead of offering customers what they need. Do your research and identify what the people around you need and define what the market and acceptable price point are. This will ensure that you will always have demand for your products, and will help you become successful. Do not go copying what others are doing. Have your own way of addressing the needs of your customers, and differentiate yourself from the competition. 

Analyze your competition

In business, competition is normal and it helps fosters the best results for each business. As a business owner, you should not be afraid of competition, but instead find a way to stay ahead of your competitors. Be open to learn what the competition offers and you may find out that your competitors are doing something you may not be doing and visa versa.

Understand the risks and rewards

Most risk takers are the most successful people in the business world. However, this does not mean that you should go taking risks without analyzing them. For your business to succeed, you need to make calculated risks that will enable the business to grow. You should also understand the risks and rewards involved in a particular project you are about to do. If the rewards are more, then go ahead and take the risk.  Be calculating, and weigh all options.

Stay focused

Business growth is a gradual process and requires patience, accountability and focus. It will take some time for people to know who you are and what you are offering. Therefore, you need to always remain steadfast and focus on achieving. Furthermore, focus on providing stellar service to your customers. With the growth of social media, online reputation now more easily makes or breaks a company.

Accelerated Accounting

Tucson Accounting, Bookkeeping, and Tax Preparation Experts
145 E. University Blvd., Suite 1A
Tucson, AZ 85705

(800) 272-4005

Reasons to File Your Tax Returns Electronically

If you are still filing your tax returns through the paper filing system and "snail mail" then you are missing on the many benefits of electronic filing. Although, the traditional paper filing system gives you the surety of doing it right in the more conventional manner, you miss on a number of opportunities and benefits offered by the electronic tax filing system. The following are reasons to file your tax returns electronically:

It is accurate and easy

E-filing makes it easier for you to file your tax returns accurately and in the fastest way possible. The software used in e-filing helps ensure that you or your tax accountant makes no mistakes during the entire process. It even does the math for you, thus reducing the stress of calculating the returns. E-file is easier than the traditional method of filing your taxes by hand and later mailing the tax forms.

Convenience

This option of filing your tax returns is very convenient. You do not have to move from one place to another in order to deliver or mail your tax forms. If you do not have the e-file system, you can ask an accountant or a professional to do it for you. In just a few minutes you will have filed all your tax returns and focus on other pressing matters of the day. The electronic filing system allows you to file your returns at anytime and anywhere. All you need to have is the e-file software and you are good to go.

It is safe and secure

The electronic filing system meets strict security guidelines. These guidelines ensure that all the users of this system are protected and all the information given through this system does not get into the wrong hands. The system uses secure encryption technology to protect your information. The system has never been hacked and it is not easy to hack, unlike the traditional method of filing tax returns, where your information is at a risk of being used by fraudsters to steal from you.

Payment flexibility

Electronic filing allows you to make automatic payment on a given day. This means that, if you do not have sufficient amount of money in your account, you can instruct the system to deduct the amount required at a later date, and the payment will be made. Additionally, you can make payments electronically through your bank account without you going to the bank physically.

In conclusion, filing your tax returns has been made easier and faster through the use of electronic filing system.

Accelerated Accounting

Tucson Accounting, Bookkeeping, and Tax Preparation Experts
145 E. University Blvd., Suite 1A
Tucson, AZ 85705

(800) 272-4005