All you need to know about various business structures
Importance of bookkeeping for your business
Pay your employees on time
Sales & Use Tax
Know your sales tax requirements

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.

Basic 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 may need to be kept. Some examples of records that fall under this category are:

  • cash book
  • petty cash book
  • order notes and invoices
  • copy sales invoices
  • details of any other business income received
  • details of any private money brought into the business
  • till rolls or other form of electronic record of sales
  • details of any other income
  • any cash taken out of the till to pay small business expenses
  • bills and invoices for purchases and expenses
  • a record of stock on hand at the end of the year
  • all bank and building society statements, pass books, cheque stubs and paying-in slips which include details of business transactions

Sanjay Taxpro can either charge you based on how long it will take to do your books or on the basis of a flat fee per month. The above reasons are sufficient to move your bookkeeping today to sanjay Taxpro. Email [email protected] for a quick consultation with a Sanjay Taxpro CPA in any of our three locations (Santa Clara/Fremont/Milpitas).

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