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Bookkeeping handles a businesses day to day financials and reports in full detail to the owner of the business and their accountant. The accountant, in turn, analyzes and summarizes this data in order to project the future growth of a business. Accountants also council business owners on key financial decisions and finalize year end tax filings.
Preparing for tax season is no simple feet. Be sure to set aside as much as 30% of your net income. A separate savings account is preferred. To deter prematurely dipping into your tax savings, work to create a financial buffer of at least three months income for financial security.
Many can escape the expense of a bookkeeping software for a time, but if you are serious about the growth of your business than we urge you to research and acquaint yourself with the various software options. Our firm uses QuickBooks Online accounting software for us and our customers. QuickBooks is a straight forward, user friendly platform that can be easily navigated.