Eric Greenfield has been providing CFO level bookkeeping and consulting services in New York City for over 10 years. Keeping accurate books is one of the most important functions directly related to the sustained growth and longevity of any small business. I highly recommend to all my clients to keep a weekly or monthly flow of bookkeeping entries to keep the records up to date and to mitigate a huge and complicated undertaking at the end of the year.
The Importance of Bookkeeping, by Eric Greenfield
As your business grows, it is inevitable your bookkeeping will become more methodical. You will potentially have payroll, advertising, vendors, lines of credit, equipment purchases that will need to be depreciated, accounts receivables and payables, inventory etc. Collectively, these functions can be complicated when it comes to entering them in your bookkeeping software, if you are not properly trained. If you do not enter transactions correctly and apply them to their respective accounts, your books will be out of balance and provide inaccurate reporting. When building a business, inaccurate reporting can be as devastating as following a misleading road map, you will not end up where you intended to go.
Not only is accurate bookkeeping critically important to a business’s health, it is equally important legally. Each year, either calendar or fiscal depending on your corporate structure, you are required to file a corporate tax return. Most likely you will use an accountant for this process, however, your accountant will simply take the information that you provide and report it to the government for you. If you are not keeping accurate books, you will not report your financial records to the government accurately, which can have serious consequences both financially and sometimes even legally.
Eric Greenfield provides CFO level bookkeeping and consulting services to a small group of distinguished clients in NYC on a partner oriented basis. Pricing to level of service scale is exceptional. To learn more, visit www.BookkeepingManhattan.com
It's one of the most important things in business, but is often overlooked. Eric Greenfield can help you accomplish financial clarity.