If you own or run a small business, you probably have your hands full with all the daily tasks and won’t have much time for bookkeeping. Maintaining proper books is important and it is a good idea to outsource this function to a reputable accounting firm. Moshe Pelberg CPA provides bookkeeping services to small businesses throughout Baltimore, Lutherville, Owings Mills, Pikesville, Timonium and Towson.
The can provide you with the all-important bookkeeping and write up services you need to ensure your financial side of the business is taken care of. You will only need to keep your source documents such as sales invoices, bank statements and supplier invoices. Your accounting firm will us your source documents to create your journals, ledgers and financial statements.
Bookkeeping services are the foundation for proper financial statements and analysis. Your financial statements include income statements and balance sheets and are important barometers of the financial health of your business.
Bookkeeping services are also essential for proper tax preparation and planning. If you maintain a proper set of books there will be less reasons for the IRS to want to audit you. It also makes it easier for an IRS auditor to see that your accounting records are in order. This way you will avoid tax penalties and similar nasty surprises. Messy bookkeeping could result in missed deductions and legal tax claims.
Proper books will tell you if you are breaking even, making a profit or a loss. This is important information that can help you adjust, improve and correct things where needed. Bookkeeping services provides the basis whereby you can have tabs on the financial health of your business. When you outsource your bookkeeping services to an accounting firm you can have peace of mind that that your financial record will be maintained in a proper and compliant manner.