Bookkeeping is the foundation of good financial statements. Proper keeping of the accounts helps you to understand the performance of your company much better. It gives you better picture of the financial position of your company to allow you to prepare for your next course of actions.
Tax position of your Company is directly and indirectly affected by the way your accounting book is kept. Poor bookkeeping may cause you to report inaccurate tax position for your Company where you may need to pay for additional tax unnecessarily.
With increase in costs of hiring and retaining professional, many SMEs started to outsource its bookkeeping function. Our conversations with numbers of our clients reveal that outsourcing this function to us helps them in controlling their costs because, they have immediate access to our team of professional accountants and no longer have to worry about continuous training and retaining such professionals. This is particularly true now more than ever as the accounting requirements are constantly updated, making it expensive to retain and retrain the accounting personnel for SMEs.