In real-time, accurate accounting records tell you cash-on-hand and how good of a job you are doing managing and growing your business.
Accounting or Bookkeeping is a system of record keeping that is required by the US Treasury Department / Internal Revenue Service (IRS) and all 50 states.
The Internal Revenue Services (IRS) require individuals (sole proprietor), entrepreneur and business owners to keep GOOD Accounting Records of their business earnings and expenses during a calendar year or fiscal year. It is also require of you to keep accurate records if you are (sole proprietor) or incorporated.
Accurate accounting records is a measurement of your talents – profit or loss. It measures the net worth of your business and places a value on your hard sweat and efforts.
Accounting records are also used by bank and financial institutions to value a business net worth. In short, what is the value of your business or how much money did the business made in a given year since inception.
What is GAAP? GAAP stands for General Accepted Accounting Principles. It’s the formal training one’s get on what are acceptable accounting practices when recording and reporting accounting transactions.
If you do not have GAAP training or background, then you will need an Accounting Professional. Accounting Professionals can help you with your monthly record keeping and file your taxes with the IRS at year-end. They can save you TIME and MONEY throughout the year.