It is essential for businesses to maintain accurate books in order to determine how they are doing financially. They can see if their gross profits are in line with projections and if the prices they are charging for their services and products are sufficient to cover their costs. Without this important data in your bookkeeping, it could be very easy for cash flow problems to pop up at your company. This same principle applies to tax work as well. An accurate sense of income and expenditures is needed for companies to accurately figure their tax liabilities to the IRS. Good record keeping reduces the chance of an audit and helps ensure that you're prepared for one if it does occur.
At Parker, Parker and Associates, we provide a full range of bookkeeping services, including general journal and subsidiary ledger maintenance, bank statement reconciliation and receivables and payables tracking and analysis.