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What is bookkeeping and why is it important for my business?

Bookkeeping is simply the recording of transactions for a business into their proper account. A bookkeeper will help classify a transaction as an asset, liability, revenue, expense or owner's equity account, which will eventually be aggregated to form financial statements for your business. These financial statements are crucial because they provide owners with a reliable measure of the performance of the business. As a result, business owners can use that information to make key operating, investing and financing decisions.

Many business owners overlook bookkeeping when running their business because they either don't have time to do it themselves, or don't want to pay the cost of hiring a full-time accountant. As a result, not only do they not understand where the company is financially, but they also aren't able to make budgets and projections to help plan for their future. We've all heard the saying "8/10 small businesses fail" and the main reason they do is because of a lack of cash flow. Don't put your business in the 80%. Outsource your bookkeeping to us and get all of the benefits of it without the cost of hiring a full-time accountant.

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