Many small business owners just collect all their financial information in a box during the year. After the year is over, they will drop these on a tax preparer s desk, and hope the tax person can figure the assortment of papers out. It doesn t take much imagination to realize that this is no way to manage a business. With information available throughout the year, a business can take advantage of tax deductions and tax planning concepts that will reduce taxes for the owner. It s not unusual to save the business more on taxes than you charge them in fees for a year.
Every business owner knows that cash is the life blood of the business.
Without it the business suffers, and in many cases is forced to close. Furthermore, knowing the bank balance is not enough. A business can have a sizable bank balance, but be in terrible shape. Our role is to go beyond the bank balance, and see further cash needs and resources. The fact that you are helping them with their accounting will improve the chances of them getting a loan, as banks deeply recognize the value of good financial record keeping.