Bookkeeping for Small Business By Jerry H. Morey, CPA

Successful owners of small businesses know the importance of maintaining monthly books and records in order to address:

• The financial health of the business
• Maximize profits
• Understand liabilities for the business as well as personal
• Maximize tax deductions
• Minimize taxes thru tax planning throughout the year
• Planning for future growth of the business
• Planning an exit strategy

Many small businesses outsource their bookkeeping needs rather than spending their own time doing the bookkeeping or hiring someone internally that they have to supervise.  Hiring someone internally can be expensive.  The quality of an internal bookkeeper also may not be very good.  Internal bookkeepers may leave and then the owner has to spend time hiring and training someone else rather than spending their time on their business. Typically it is more cost effective to hire an outside accountant to prepare the monthly bookkeeping so that the owner can focus their time and energy on what is most important, which is their business.  An outside CPA is going to be able to provide high quality monthly bookkeeping as well as being able to provide sound advice when you need it.
Hiring a CPA in San Clemente has several distinct advantages such as:

• Tax compliance – Insuring that tax filings are done accurately and timely.  Penalties can cost more than a CPAs fees!
• Budgeting – CPAs can help small businesses develop reasonable estimates and determine what drives revenues and expenses as well as figuring out breakeven points
• Setting up a financial system – A CPA can set up accounting software and a provide training as well as a system of controls
• Payroll taxes – Payroll mistakes can be costly.  A CPA can review your payroll returns if you are outsourcing your payroll or can prepare your payroll returns.
• Financial statement preparation – Compiled or reviewed financial statements may be needed for management purposes, financing, regulatory, or bonding.
• Financial Recommendations – Including purchase decisions of assets, buy versus leasing decisions, return on your investments, expansion, financing, etc.
• Credibility – Having a CPA prepare or review your financial statements and tax returns gives you and your business credibility
• Cash flow analysis – Preparation of projections, estimates, what-if scenarios, and pro-forma financials that coincide with budgeting

If you are looking for bookkeeping in San Clemente than visit http://cpamorey.com/