Your books tell the story of your business. They are a historical record of your financial transactions. At Kagan & Associates, Ltd. our staff is comprised of trained professionals. We have the experience, knowledge, and skills to perform bookkeeping services accurately and efficiently.

Bookkeeping, also known as Write-Up, is the process of keeping track of a business’s financial transactions. It entails organizing, classifying, recording, and maintaining your business’s records. This includes recording cash inflows, like receipts from customers, and cash outflows, like payments to vendors.

The bookkeeping process requires identifying the accounts your business will use to record your transactions. Once the chart of accounts (a listing of account names) is determined, our bookkeepers will classify your sales and other cash receipts and your outgoing payments to the proper accounts. This may include accounts like furniture and equipment, accounts payable, loan repayments, income from sales, and business expense accounts. When your books are completed for the period (the month, quarter, or year), the results will provide you with meaningful information you can use to make informed business decisions.

All businesses are required to maintain books and records. However, how your bookkeeping is done is up to you. Some business owners start by keeping their books manually, using paper and pencil or spreadsheets. As your business grows, though, it may be advisable to use bookkeeping software to automate this work. Kagan & Associates, Ltd. can help you make this decision.

In Publication 583, the Internal Revenue Service says that good records help you monitor the progress of your business. Your records can show you if your business is growing, which of your products are selling, and what changes you need to make to improve your profit margins. Good bookkeeping records increase the likelihood of your business success.

In addition, your books are the foundation needed to prepare accurate financial statements. These reports include profit and loss statements and balance sheets. These statements can help you when dealing with your bank or creditors and help you manage your business.

Bookkeeping can also help when it’s time to prepare your business’s tax returns. Your books will support your business income, expenses and the credits you report on your business’s tax returns.

Kagan & Associates, Ltd. can provide bookkeeping services for your business, from the start-up phase through growth phases and maturity. We have years of experience with small businesses and with bookkeeping software. Let us help your business thrive with accurate and complete financial records. We can take the bookkeeping burden off your shoulders, and provide you with time savings, financial insights, and an accurate foundation for the preparation of financial statements and business tax returns.