Kinds of Records To Keep

The IRS does not require you to keep your records in a particular way. Keep them in a manner that allows you and the IRS to determine your correct tax.

You can use your checkbook to keep a record of your income and expenses. In your checkbook you should record amounts, sources of deposits, and types of expenses. You also need to keep documents, such as receipts and sales slips, that can help prove a deduction.

You should keep your records in an orderly fashion and in a safe place. Keep them by year and type of income or expense. One method is to keep all records related to a particular item in a designated envelope.

Benefits of Outsourced  Bookkeeping

Outsourcing your bookkeeping requirements allows you and your staff to focus on your core competencies so that you can achieve the goals that have been set for your company.  Some of the benefits of outsourcing include:

• Eliminating or minimizing the number of bookkeeping employees thus reducing payroll expenses and benefit expenses required for these employees.
• Eliminating training requirements for a staff of bookkeepers to manage accounts payables and accounts receivables.  
• Eliminating the risk of fraud or embezzlement
• Eliminating the investment in hardware such as computers, file servers and accounting software that may or may not work for you.
• Eliminating the risk of data loss and corruption due to computer crashes or viruses.
• Data is secure using the latest technology for data encryption, firewalls, redundant back-ups and around the clock monitoring.
• 24/7 access to all of your data irregardless of whether you are in your office, at home or traveling.