For most new business owners without any prior knowledge in accounting often get intimidated when it comes to talking numbers. Let's just face it, most small business operate at a loss for up to 5 years. Nobody, wants to see negative truths at the root of their business. However, in order to grow it's important that you not only you know so you can grow; but the law requires it.
Specifically, IRS Section 446 Title 26 states that a business is required to have the ability to calculate taxable income using an accounting system. Most of my accounting knowledge was gained in college and experience in government accounting and auditing. It was difficult at times to apply penalties and interest on business owners as an auditor that were breaking the law simply because they did not know. Fortunately, unfortunately the law is the law; it doesn't care about how we feel or what we don't know. I'm here not only to educate you but to help.
Accounting can be easily automated using an accounting system. There are accounting systems that allow you to combine your personal budget, business reporting and taxes all in once place. The hardest part is usually just getting started. That's where I am here to help! Schedule an one on one Bookkeeping Consultation.