Balancing Your Books and Taking Advantage of Your Accounting
With the second quarter of the year behind us, now is the time to check your books, understand your books and make sure your accounting is in order! If you wait until the end of the year, you are waiting for a pile of work as well as the possibility of lost inventory, data, reports and more. Even worse, if you wait until the end of the year by then it is too late to implement any sort of tax planning strategies.
Many times business owners make the mistake and categorize bookkeeping, accounting and tax preparation all into one. They are not! One of the first things when going through your financial records is being able to differentiate between bookkeeping and accounting:
Bookkeeping focuses on keeping track of your financial transactions (sales, receipts, inventory, payments, purchases, earnings, etc.) and is the basis of accounting. It keeps a record of the day-to-day proceedings of an individual, business or organization, helping you run a clean and organized setup. When balancing your books, you are looking to subtract your liabilities from assets and have the results equal the equity in your business. Make sure to check for any errors if these do not balance out. If business is booming, the sum of your assets will be greater than the liabilities, increasing your company’s value or equity. This opens a door for new financing opportunities.
Accounting takes the records from bookkeeping to create smart avenues to expand the knowledge of your business. It goes more in-depth into retrieving and sorting data, then summarizing and presenting it in reports and analyses. The information derived is then used to create estimates and project ideas for future improvements. It is a smart way to create strategies for your company’s financial health and expansion.
Some questions to ask yourself include:
– “Did I make more in this quarter than I did the last?”
– “What draws customers in and creates profit?”
– “Who is producing more results and less work for my business?”
– “Do I have enough money to expand or pursue a new business venture?”
Unless you have a very small business that has few transactions every month, then we suggest a professional accountant help you keep track of your books and accounting. Most entrepreneurs know that if accounting isn’t their expertise, ensuring their financial management of their business is ever so crucial to creating success in their field.
Corporate Capital helps thousands of businesses in all 50 states and is here to assist you! We will make sure your business runs smoothly without the stress of losing accounts and records needed for important transactions and tax-planning. Don’t miss out on the opportunity to expand your business by overlooking your bookkeeping and accounting (not to mention the benefits of someone keeping track of your financial records so you comply with state and federal tax laws).
By joining with our team here in Las Vegas, NV, you can get the perks of balanced books and an easy-to-understand record of your accounting. Give us a call at 855-371-0070 today to set up a consultation – it’s FREE! Located in Las Vegas, NV, we have the privilege of working with over 13,000 clients across the country. No matter where you live in the United States, we can help you balance your books today and look for new ventures to grow your business!