Why Is Bookkeeping Important?

Bookkeeping Services in Houston

Bookkeeping is more than a necessary evil. An accurate, robust accounting system is valuable. The United States Bureau of Labor Statistics (BLS) reports that 20% of new businesses fail within the first year, and 50% fail within the first five years. Experts surveyed by researchers from Griffith University believe that an important factor in determining a small business’ survival is the owner’s financial literacy, including their knowledge of accounting software. You don’t need to do the bookkeeping yourself, but you need to understand how to organize your business to make the bookkeeping more efficient and accurate.

Good Bookkeeping Starts With How the Business is Operated

Most of my bookkeeping and accounting tips have nothing to do with the bookkeeping system itself but, rather, how you conduct your business. Good bookkeeping isn’t based on a box of invoices and receipts but, rather, bank and credit card statements. A bookkeeper will record all the transactions in your bank and credit card accounts and then perform a reconciliation between your books and bank statements. This reconciliation is how they know that all the transactions have been recorded at the proper amount.

A Golden Rule for bookkeeping: Every business transaction, and no personal transactions, should flow through your business bank and credit card accounts.

📞(281) 861-7718 | 📍4654 Hwy 6, Houston, TX 77084

Source: fitsmallbusiness

Alfredo Gaxiola has worked on numerous IRS problem cases and has successfully settled with the IRS to release liens on houses, bank accounts and wages and, if needed, setting a payment installment plan that is not burdensome for the client. He has conducted appeals before the U.S. Tax Court and obtained favorable resolutions in reducing the tax debt of his clients. Mr. Gaxiola served as Treasurer of Camara de Empresarios Latinos, one of the largest and strongest Hispanic organizations in the city of Houston. He has conducted financial and accounting seminars for the Houston Small Business Development Corporation, as well.

Bookkeeping Services in Houston

Certified Public Accountant in Houston, Alfredo Gaxiola CPA in Houston, Certified QuickBooks Proadvisor in Houston, QuickBooks Set Up and Training in Houston, Business Tax Return in Houston, Personal Tax Returns in Houston, Quarterly & Monthly Filings in Houston, Financial Statement Preparation in Houston, Consulting Services in Houston, Payroll Preparation in Houston, Bookkeeping Services in Houston, Bank Financing in Houston, IRS representation in Houston, Business Planning in Houston, Personal Finance in Houston, Income in Houston