Importance of Small Business Bookkeeping to Year End

We are entering that time of year where some business owners start to think about the shape of their books, getting the books cleaned up, tax planning , and potential taxes due. Outsourced bookkeeping services get bombarded with requests to help catch up and clean up small business accounting records. In the end, Outsourced bookkeeping services create additional billable fees, and small business owners incur additional expenses ... for what? To find out information that could have been known all throughout the year but now has very little time to do anything valuable with the information!

The most successful small business owner invests in a bookkeeping solution, either internal or through an Outsourced bookkeeping service. Accordingly, the business owner has addressed or is addressing:

1. The financial status of the business on a daily basis
2. Maximized tax deductions
3. Minimized taxes by addressing tax planning throughout the year
4. Knows any tax liabilities for business and personal purposes
5. Ready for a new and successful upcoming year

The business owner who has ignored the importance of good daily bookkeeping is not in a position to address the above and most likely going to spend more money (either directly or indirectly) than if he/she had made bookkeeping an important factor within the business.

Effective bookkeeping is going to save a business owner a lot of money in the long-term through effective business planning, minimizing tax dollars, and maximizing tax planning. Further savings may be available through an outsourced bookkeeping service.

The most successful business owner is not addressing the bookkeeping at or near year-end. Bookkeeping in a successful organization is a daily function that serves as a foundation for the existence, success and growth of that business.

Even though a business owner may be addressing the bookkeeping late in the year, late is still better than never. Additionally, it is still a great time to get a jump on next year and make next year A GREAT YEAR.