There are many benefits of good bookkeeping for small businesses. Perhaps the most important is that it provides owners and managers with accurate information about the financial health of their business. This data can be used to make decisions about where to invest resources, how to price products and services, and what strategies to use in order to grow the business.
Good bookkeeping also makes it easier to comply with tax obligations. Accurate records help you calculate your taxes owed and claim any deductions or credits to which you may be entitled. Furthermore, good bookkeeping practices can help you avoid penalties for late filing or underpayment of taxes.
If you’re not already doing so, now is the time to get on top of your small business bookkeeping. The sooner you start, the better positioned you will be to achieve success.
Donna Harris, BSci Accounting, MBA, founded Bookkeeping Made Simple with the understanding that small businesses is the heart of the American economy. After offering to do books for a friend who said he didn't have enough work to keep someone in the office 20 hours a week, she recognized the need for an efficient, online system. She has 20 years of bookkeeping and accounting experience and is excited to help small business owners achieve their goals. She enjoys spending time with her family and traveling whenever possible. She also loves reading, hiking, camping, cooking, yoga, and fitness. A huge believer in lifelong education, she is currently working on her master's in Accounting.