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Audit Preparedness The Tax Cuts and Jobs Act included funding for increased audits of high-net-worth individuals. Even if your chance of an audit didn’t increase, there’s always an outside chance that bad luck could strike. Record keeping can prepare you to pass an audit without too much stress or major fines.
Accurate and timely bookkeeping allows you to make sound decisions for the strategic planning of your business. It makes tax time a breeze and ensures that you’re ready if the IRS ever audits your company. . What’s Included with a Business Bookkeeping Service? Some accounting firms only provide basic reconciliation services.
However, you might consider investing in bookkeepingsoftware that can keep track of multiple accounts and present data in different ways. Instead of searching out the information manually, accountingsoftware can categorize each expense and bring it up for review with a simple keyword search. Get Payments Faster.
Your accounts receivable and account payable should be efficient. That way, you will avoid issues during auditing and prevent getting caught up in fraud by unethical suppliers. When managing your accounts payable, ensure all entries are accurate by minimizing accounting errors in your business. Track payments.
Time Automated accounting saves time compared to simple bookkeepingsoftware and even more time compared to manual accounting. Accountingsoftware can, for example, enter one transaction into multiple relevant accounts simultaneously. Who is it Good For? Have you figured your tax bill correctly?
And according to bookkeeping thought leader Jennie Moore of Moore Details: “ Apps are the connectors to create efficient systems that will help easily organize the required financial data for report creation purposes to help business owners to operate their small businesses and achieve their own business plan.”. Jetpack Workflow.
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