Every company needs to establish a reliable accounting system based on financial and tax rules and principles. Proper recording of business activities and transactions enhances the decision-making process for small business owners. It has been observed that the lack of accounting strategies leads to small business owners’ inability to sustain growth over time. Additionally, those owners who personally undertake the task of keeping records cannot maintain adequate financial records, which acts as a barrier to the growth of their business.
What does your accounting friend do?
They are a public accounting professional who provides services to record the daily financial transactions of a business, such as sales, purchases, payroll, accounts receivable, accounts payable, and other transactions. We have a trained team to support you throughout this process, within your business, entrepreneurship, or personal finances.
Now, knowing the responsibilities of our friend, we present the importance of their functions:
Creating customized budgets to properly organize income and expenses, facilitating the planning of future expenses and resources.
Preparing and filing tax returns using organized financial information, avoiding the search for receipts or invoices during the tax filing period.
Organizing financial data in a central system, allowing various stakeholders to access information at any time.
Analyzing business performance through regular preparation of financial statements, facilitating the tracking of income and expenses.
Facilitating decision-making by providing organized financial information.
Strategically and tax-efficiently planning using previous financial records.
Preparing accurate financial statements to show financial performance to investors, helping them determine the value of the investment.
Managing business finances by providing a quick view of how and where money is spent.
Determining business profitability through an income statement, analyzing previous income statements to observe trends.
Improving cash flows by regularly recording expenses, income, accounts receivable, and liabilities.
Did you know…?
Bookkeeping as a profession dates back to the 15th century when Italian mathematician Frater Luca Pacioli, considered the father of modern accounting, detailed systems and tools that are still used today. Knowing the importance of this process, we tell you some concepts that are necessary to consider.
What is accounting?
It refers to the practice of recording and tracking the daily financial transactions of a business entity. Typical transactions include invoicing customers, organizing received invoices, paying suppliers, processing payroll, and preparing financial reports, among others. In search of financial clarity and peace of mind, our accountants are the solution. Contact us now and let our experts take care of your numbers! Make your finances a hassle-free success today!
