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Why is bookkeeping important?

Updated: Apr 20, 2023

Accurate Tax Preparation

Bookkeeping makes tax season stress free. When your books are in order, categorized, and ready for filing, you can relax and have confidence that your tax return will be accurate. Long gone will be the days of you scrambling to collect receipts, review bank statements, and wonder if you captured all of your expenses or accidentally forgot to report some income.

Data-Driven Business Decisions

Bookkeeping gives you vital data for growing your business. It helps you answer questions such as "Should I invest more money in marketing", "Do I hire a new employee", "Which products or services have the highest profit margin, and "which projects should I not accept because they cost more than they generate". With data, you can make the best decisions for your business.

Predictable Cash Flow

Bookkeeping lets you understand the rhythm of your business. You'll know when to expect income when to cut costs when to take out a loan when to invest. You'll be able to create accurate budgets based on real numbers and stay true to the budgets. You'll be able to reduce if not entirely eliminate the stress that comes with cash flow variance. Now that is powerful.

Business Expansion

An accurate Balance Sheet and Income Statement can help you qualify for a low-interest loan so that you can have the capital necessary to expand your business. Without bookkeeping, you'll have nothing to give to the bank or lender when they ask to see these documents, or what you give them will be inaccurate.


Want the benefits of bookkeeping? Let us help you transform and grow your business. Call us at (612) 440-3988 to set up a free consultation or fill out our quick intake form:

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