Are Bad Financial Records Putting Your Business At Risk?
Bookkeeping is one of the most intimidating and time-consuming functions a business must endure. However, the importance of having detailed and accurate financial records cannot be overstated. It’s particularly helpful in the preparation of tax reports which rely on very specific data to ensure your tax liability is kept to a minimum. Discrepancies in financial records can also result in faulty tax returns – putting your business at risk of accumulating IRS penalties or even being audited!
Bookkeeping helps manage a business by recording day-to-day financial details and keeping track of critical data used to make important decisions now and in the future. Services typically include customer billing and collections, vendor payables, payroll processing, and bank account reconciliation, just to name a few. These are necessary to help ensure your business is operating efficiently and all financials are in order when tax day arrives.
Truax is fortunate to have an experienced and certified Bookkeeper on staff who can help get your financials in order while reducing costly errors that can threaten a business. Lilia Marroquin,Accountant & Licensed Tax Preparer, has a Bachelor of Science in Accounting from Loyola Marymount University and is a fully licensed tax preparer. She’s taught basic accounting at the college level and worked in a number of professional environments – from small proprietorships to large publicly-traded companies – which helped provide a substantial background in setting financial procedures and internal controls at companies of all shapes and sizes.
If you’re interested in taking your business to the next level and minimizing your financial risk on tax day, please give Lilia a call. She’s here to help!