Thursday, March 31, 2011

Importance and Significance of Bookkeeping

Bookkeeping is highly valuable service for your Business
Do You Have a Small Business?
Are you an entrepreneur that has recently taken your drive and ambitions to the next level?
Have you recently started your small business?
It can be overwhelming at times when you have just started a new business. 90% of small businesses fail in the first 2 years since their inception.
This is caused by the following reasons:
1) Lack of planning: A poorly planned and executed plan will result in the business failing
2) Lack of research: You are providing a product or service for which there is no need in the market.
3) Risk and stress: You did not realize the risk you and stress you are taken on when you started your business
4) Economy: Your company isn't able to survive the turbulent economic times. You have an opportunity to not only sustain your business during the first 5 years which are very important but also establish your business for the long-term.
A bookkeeping firm can provide you the valuable service that will help you bridge the path between success and failure.
Bookkeeping
You need to develop a close relationship with an accounting providing firm. When you have established an excellent relationship with the firm you will have countless benefits such as:
1) The firm will develop a comprehensive business plan for your firm as it explores the next step of starting a business.
2) The company will help develop timely financial statements for your company. These statements will allow you to understand the financial position of your company at any time.
3) The company will give you professional advice on key business decisions that will be critical to the success of your enterprise.
4) The bookkeeping firm will file your personal and corporate taxes as well. This will become your one-stop shop for your financial matters. Keeping your finance organized in one location will help your company save costs and become efficient.

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