3. Complies with tax and accounting obligations.

Keeping good accounting records is essential to comply with the tax and accounting obligations of your business. Keeping your accounting records up to date allows you to comply with tax obligations such as paying taxes and filing tax returns, avoiding possible penalties and fines. It also allows you to comply with accounting obligations, such as the presentation of financial statements, which is fundamental to maintain the transparency and credibility of your business before potential investors or clients.

4. Makes it easier to obtain financing.

Proper accounting also makes it easier to obtain financing. When you apply for a loan or investment, lenders and investors want to know the financial health of your business. Good accounting allows you to demonstrate that you have your finances under control, that you are able to meet your financial obligations, and that you are a good candidate for financing.

In conclusion, good bookkeeping is critical to the success of your business. It allows you to make informed financial decisions, control your expenses and income, meet your tax and accounting obligations, and make it easier to obtain financing. If you want to take your business to the next level, make sure you have proper accounting and financial management.

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.