Imagine being a coach in a sports game, but not being able to see the score or stats until the end. Imagine driving a car, but doing so blindfolded. For the business without bookkeeping, the results can be the same.
Henry Randolph Hughes, III, Founder, Counting Pennies
Why It’s Important
The recording of a company’s transactions, or bookkeeping, is a necessary element for any business that wishes to be taken seriously. Bookkeeping helps the business owner to determine the strength and solvency of the business. Devising a systematized record of receivables and expenses is the most important documenting procedure a business owner can invest in.
Counting Pennies can supply you with a clear financial picture of your relative successes and failures via bookkeeping reports and statements. While preparing your books, we concentrate on three specific areas:
- Tax Planning
Annually shuffling a box of receipts and invoices to a tax preparer and crossing one’s fingers is not the most conducive way to stay on top of tax planning concepts and potential deductions. If the information stream stays constant throughout the year, a company can often save more on taxes than are paid out in bookkeeping fees.
- Cash Flow
Managing your cash flow enables you to anticipate your financial needs and more prudently gauge the allocation of funds. Counting Pennies can also assist with the acquisition of accounts receivable and aid in loan procurement. Having a competent accountant prepare the necessary documentation required by financial institutions vastly increases your chances of loan approval.
- Management Controls
The direction your business is heading in is determined by the attention you pay to your records. Balance sheets and profit/loss statements allow you to actually see where you’ve been, where you are, and where you’re going. Our reports enable you to track improvements and profits. Such information helps identify potential problems before they become insurmountable, and provides you with necessary information to better run your business.
Contact us to get started on the road to better business organization and a better understanding of your business with bookkeeping & accounting services from Counting Pennies.