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

• Bookkeeping involves recording, organizing, and managing financial transactions for a business. It’s crucial for tracking income and expenses, ensuring compliance with tax laws, and making informed financial decisions.

What are the benefits of hiring a professional bookkeeper?

• Hiring a professional bookkeeper ensures accurate financial records, saves time, reduces errors, provides valuable financial insights, and helps maintain compliance with accounting standards and tax regulations.

Do I need an accountant if I use QuickBooks?

• While QuickBooks simplifies financial management, consulting with an accountant can provide valuable insights, tax advice, and ensure compliance with accounting standards. An accountant can also help interpret financial reports and strategize for business growth.

What records should I keep for tax purposes?

• Keep records of income, expenses, receipts, bank statements, and any documentation related to deductions or credits claimed. Good record-keeping simplifies tax preparation and supports any claims made on your tax return.