Whether you’re launching your first business, or if you’ve been trading for a while and you’re only now getting around to figuring out the accounting side of things, this section of OpenSooq is here to help you make sense of business accounting for your business, so you can sail through tax season as easily as possible. An accountant will take the financial statements that are produced by your bookkeeper, and make meaningful observations about the health of your business. This high level look will give you a better idea of how your business is doing, and any course corrections you can make to improve matters.
Why You Need Bookkeeping
Plenty of seasoned entrepreneurs don’t quite know how bookkeeping differs from accounting. Bookkeeping is the act of recording your business’s daily transactions in a consistent way, and compiling them into financial statements. Record keeping and preparation fall under bookkeeping. On the other hand, broader things like designing a system, and analyzing/verifying information is related to accounting. The processes that comprise bookkeeping are key, because they keep your business running smoothly day-to-day, and they prepare your business for the higher level strategy work. Bookkeeping helps you to:
Monitor the progress of your business
Prepare your financial statements
Identify sources of your income
Keep track of your deductible expenses
Without bookkeeping and tax-ready financial statements, you would struggle to understand the financial health of your business, make important strategic financial decisions, and working with your accountant would be extremely difficult.
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