Bookkeeping is important for several reasons. First it is used as a tool in your businesses tax preparation. By keeping accurate records of your income and expenses you ensure taxes are paid only on your true net income. Bookkeeping also allows you to keep a picture of how much your business earns and what you spend your money on. Having this info can assist you with setting future goals for profitability and/or sales. Having an accurate set of financials is imperative when attempting to secure business loans or establish business credit. In the event of an IRS audit, bookkeeping can be well worth the expense as IRS requires accurate financial records to be maintained. One last reason, by freeing up time you would spend trying to put together your financials will allow you to concentrate on running your business.
We use Quickbooks online and reconcile your bank accounts monthly. We use the bank feeds in QuickBooks Online to keep us efficient. Hand written checks slow our process down to a crawl. If you must still hand write checks those will incur a $3 per check fee for us to enter the information into QuickBooks Online.