The Key Accounting Services N.V.

The Key Accounting Services N.V. Bookkeeping and Accounting services share common goals. They are both critical components of building a strong business foundation! Accounting is the process of tracking income and expenses . · Bookkeeping services is the process of keeping records of financial transactions and preparing financial statements, such as balance sheets and income statements. In day-to-day operations, a bookkeeper would make sure employees are filing invoices and expenses correctly and handling payroll. Bookkeeping Keeping clear business records is important. It helps you understand how much money is owed to you, how much you owe and will prevent you from making costly – not to mention illegal – errors. It can also help you monitor your business and identify sources of income. Below is a list of records that you should keep accurately and orderly: Payroll and employment taxes Sales and purchases Expenses Bank statements Profit and loss statements Cash flow analysis Tax Planning Tax planning and filing isn't fun but it's crucial to make sure everything is handled correctly. In addition to reducing filing errors and preventing unnecessary audits, an accountant can help you save money. Because it's their job to stay up to date with tax codes and regulations, they'll be able to advise you on how much money your business needs to put aside – so there aren't any surprises. Audit Before you freak out – an audit isn't always bad! The dreaded "IRS audit" occurs when a business isn't filing their taxes correctly. However, it's also pretty standard for a business to be audited when a bank or investor wants to understand its financial position to determine the risk before they invest capital. When it comes to preparing for any audit, your accountant can be your best friend because they'll save you loads of time preparing for the audit. Contact us for more information: info@thekeyaccounting.sr