Bookkeeping Services
Keeping your business’s books can be a full time job. Make sure this task gets the attention that it deserves. Talk to one of our professionals today!
What does bookkeeping include?
Bookkeeping is the recording and processing of financial data into organized accounts on a daily basis. A record is made of all financial transactions done through the business to track and interpret all of these transactions as a foundation for accounting work. Bookkeeping creates up-to-date and accurate financial reports to help measure business performance.
There are two types of Bookkeeping: Single-entry and Double-entry. Single-entry bookkeeping is widely used for small private companies that only need one entry for each transaction. This tracks incoming revenue and outgoing expenses. Double-entry bookkeeping is more complicated. It records every transaction as debits and credits. With this method, the total credits always need to equal the total debits. When this happens your books are considered “balanced”. Double-entry is usually for larger businesses that buy and sell on credit.
FAQs:
What businesses can benefit from bookkeeping?
Bookkeeping is a smart financial decision for every type of business. When you are recording and organizing your data in a way that is easily explained you set your business up for financial success.
Bookkeeping for small businesses is just as important as it is for larger businesses. On top of the organization it offers, it provides an accurate budget and analysis, prepares your records for taxes, helps track your profit and growth, and allows you to make smarter financial decisions to help you improve and grow.
When should I hire a bookkeeper?
Hiring a bookkeeper can come at any time a business owner needs help keeping up on their bookkeeping duties. There are many aspects to consider while running a business. Hiring someone whose main focus is bookkeeping lifts a burden and allows for clear and precise documentation of day-to-day operations.
Bookkeepers are professionals who are focused on the details. Their job is to provide your business with the most accurate information to help you understand how your business is running. It’s always a good idea to hire a bookkeeper whether you are starting your business or you have been in business for decades.
What’s the benefit of outsourcing bookkeeping?
There are a list of benefits associated with outsourcing your bookkeeping. Among these is maintaining the financial probity of your books. To add to that, outsourcing gives you more focus on other aspects of your business, saves time and money on training, reduces errors in your records, gives you more precise information to make proper business decisions and prepares your information for taxes by a professional.
Why hire MC Tax Prep for your bookkeeping?
Here at MC Tax Prep we are professionals that care about the integrity of your records. We are located in Arizona and offer Personal Income Tax Preparation, Small-Business Tax Preparation and Bookkeeping. We make sure that your information is recorded and filed correctly so you never have to worry whether or not you are paying the right amount in taxes and if your books are accurate. Let us help you with your bookkeeping and tax prep needs. Contact us today to get started.
