Bookkeeping

If you run your own business, no matter what size, bookkeeping is a legal requirement. Sanjay Taxpro Bookkeeping Service can save you time in maintaining the required basic records, in recording your business transactions in to an accounting software like quickbooks and in classifying these transactions timely and accurately.

Accurate and upto date bookkeeping not only helps you file your business tax retruns on time but also comes handy in case of an IRS audit. If you do not keep accurate and complete records you may end up paying more tax than is due because of lack of evidence of tax deductible expenditure or/and inaccurate sales records.

Moreover timely maintained books can give you a birds eye view of your business at any given time. Sanjay Taxpro Bookkeeping Service will provide you monthly P&L and Balance Sheet which shows the sales income you’ve received, the expenses you’ve paid, and what profit/loss you’ve actually made and the financial liquidity of your business. Sanjay Taxpro can ensure you have control over your business by making you aware of any potential problems as soon as possible and can help make business decisions with all available information at hand.

Best records you need to keep for IRS audits

Basic records any business need to maintain normally include:

• a record of all your sales, with copies of any invoices you’ve issued
• a record of all your business purchases and expenses
• invoices for all your business purchases and expenses
• details of any amounts you personally pay into or take from the business
• copies of business bank statements

Other records you must keep

All businesses are different and there are many specific types of detailed records that you may have to keep. Some examples of records that fall under this category are:

• Cash book
• Petty cash book
• Wages and salaries records
• Sales tax records
• Details of any other business income received
• Details of any private money brought into the business
• All bills or some form of evidence of record of sales
• All bills of any other income
• Any cash taken out of the till to pay small business expenses
• Bills and invoices for purchase and expenses
• All records related to bank and investment accounts
• All bank and building society statements, pass books, cheque butt rims, paying-in slips and electronic records of business transactions