When you hire a bookkeeper from our office at Cathy E. Parker, E.A. Bookkeeping & Tax Service, they will keep your business’ financial records in order, so you can focus on running your operations. Although we will take care of your business’ financial activities, there are a still a few key things your bookkeeper wants you to know.
1. Knowing how to read financial statements is important—Even if you have no prior experience as a bookkeeper, knowing how to read your business’ financial statements is extremely important. To start, make sure you know how to read and interpret your business’ income statement, as well as your balance sheet.
2. Commingling funds is a bad idea—Commingling your personal funds with your business funds can make it difficult to put together your business’ financial information. Additionally, if you do this, your business could find itself in legal trouble.
3. You can’t write everything off as a business expense—There are many different things you can write off as business expenses. However, keep in mind that any expense that is not directly related to running your business cannot be written off under this category.
4. Be as transparent as possible—When you work with a bookkeeper from our office, please try to be as open and honest about your business’ financial accounts and expenses as possible. This will ensure we always have the correct information needed to prepare your financial statements correctly and on time.