Having a clear understanding of your current financial standing will help you make better business decisions. It will aid you in securing loans or investors, and it will enable you to focus on the management of your business, not your books. Our bookkeeping services are ideal for small to medium sized businesses and self-employed individuals in most types of industry.
We will give you a dedicated bookkeeper and tailor a record keeping process to keep you compliant with IRS requirements. We will import or record your daily transaction into our accounting software and provide a detailed income statement and balance sheet.
What you should keep track of:
- Gross Receipts
- Purchases (Inventory or Cost of Goods Sold)
- Expenses (or overhead) other than purchases, including travel, transportation, entertainment, and gifts, and other operating costs
How long you should keep track
- 7 years if you filed for a loss from worthless securities or bad debt deduction.
- Keep records for 3 years from the dated you filed your original return or 2 years from the date you paid the tax, whichever is later.
- Keep records for 3 years unless;
- If you do not file a tax return keep records indefinitely.
- If you file a fraudulent return keep records indefinitely.
- If you do not report income and it is more than 25% of the gross income shown on your return keep records for 6 years.
- Keep employment tax records for at least 4 years after the date the tax is due or paid, whichever is later.
Why you should keep track
- Monitor the progress of your business
- Prepare your financial statements
- Keep track of your deductible expenses
- Keep track of your property basis
- Being able to identify your sources of income
- Prepare your tax returns
- Support the items reported on tax returns