By: Rebekah Littleton, MAcc
Hello there. I’m Rebekah Littleton, a senior tax Accountant at Killingsworth Spencer CPAs. My clients often ask how they can better control their business finances and make more confident financial decisions.
Small business owners must wear many hats to make their enterprise prosperous, including driving revenue and controlling expenses. As a Sr. Tax Accountant who specializes in working with successful business owners and high net worth individuals, bookkeeping should be viewed as an investment in your business and not an expense. Either having no bookkeeper or someone who does not know what they are doing can cost money in more ways than you can imagine. Often times, a quick 5-10 call to me or your bookkeeper can save thousands of dollars in fees and lost opportunities. Below is a brief list of why a good bookkeeper is invaluable:
- All income and expense transactions will be classified correctly
- bank downloads of financial transactions are not always reliable
- Having a set of current clean books and records will help you better understand the direction of your business and keep you on track with your financial goals, and your banker will love you for it
- You will know almost immediately what steps you will need to take to get your profitability back on track
- Filing deadlines will be a breeze
- Double entry accounting with a corresponding balance sheet and P&L are necessary for most business tax returns
- Prep time for tax returns will go much more efficiently because all the books and records are up to date
Our resident Tax Manager, Judy Bernhard, CPA, says to business owners that a good bookkeeper is worth their weight in gold.
If you have any questions or would like to learn more about how Killingsworth Spencer CPAs can help you reach your tax and bookkeeping services, give us a call at 770-552-8286. Or, you can visit our website at www.killingsworthspencercpas.com