As a small business owner, you understand the importance of managing your finances, but taking control of the entire process on your own can be daunting, especially if you’re unfamiliar with the basics of bookkeeping. The experienced accounting professionals at Wilson, Rea, Beckel & Associates CPA’s LLC, serving Pagosa Springs, CO and the surrounding areas, offer a wide variety of services to help their clients succeed. Here, they explain some bookkeeping basics.

What Is Bookkeeping?

Every business has expenses, whether they’re monthly costs like rent and insurance or surprises, like emergency repairs. In addition to those expenses, you also receive payments for services rendered. Bookkeeping is the process of keeping track of those payments and business costs so you know precisely where your money is going. This makes filing taxes much easier and helps ensure you receive the deductions your company is qualified for.

The Most Important Aspects

When you’re managing your business’s accounting, you’ll want to keep track of all your expenses and payments received. This means you’ll need to conduct frequent inventories of your goods and supplies, keep tabs on rent and mortgage payments, monitor your business loans, and check your payroll frequently. Whether you choose to do this with hard copies or a software program is up to you. Regardless of the method you choose, you’ll want to stay on top of your paperwork. Anytime you receive a payment, complete an invoice, or spend money on repairs, enter that information into a basic accounting program or place it in the appropriate file.

Should You Handle Your Own Accounting?

While you can keep track of daily costs and payments on your own, hire an experienced CPA to make sure everything is in compliance with the IRS’s guidelines. An experienced accounting professional will be able to help you find deductions, establish a firm budget to help you get the most out of your business, and manage the entire tax filing process for you. This will save you both time and stress come tax season.

Let the team at Wilson, Rea, Beckel & Associates CPA’s LLC help you manage your business’s bookkeeping. With years of experience and a large team of subject matter experts, their CPAs will ensure your company’s unique needs are met. Visit their website for more information, and call (970) 731-1040 to schedule a consultation today.