A big aspect of having your own business is bookkeeping, and Gold Standard provides this service, specializing in small businesses. But WHY is having a bookkeeper so important?
Bookkeeping includes the organization of accounting and financial documents, and without it – there are severe consequences.
Top 4 Reasons Why Having a Bookkeeper is Beneficial:
ONE: Avoid IRS Penalties
It is necessary to keep adequate records and to be able to provide the IRS with accurate records in case they request them. If you do not, you may face penalties. Having a bookkeeper takes all of that organizational pressure off of you – and provides accuracy and reliability.
TWO: Save Time
This is true throughout the year, but especially come tax season. Instead of scrambling to gather all of the paperwork and records, all your transactions are recorded in one safe place as you conduct your business. You get to focus on what you do best, and your bookkeeper gets to focus on what they do best – keeping you at your best.
THREE: Save Money by Not Missing Any Deductions
If you do not keep accurate bookkeeping records throughout the year, you may be overlooking legitimate tax deductions. Or worse – you may try and claim a deduction but do not have the necessary records to back up your claim. Having a bookkeeper ensures finding all the deductions you qualify for and being able to provide proof that you are indeed qualified.
FOUR: Gain Awareness of Your Business’ Finances
Having a bookkeeper will make sure that your company’s growth, finances, cash flow, and revenue is well documented, so you will always know where you stand. This saves you time from maintaining all these records yourself.
If you have any questions about your current bookkeeping or our services, we are here to help.
