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Bookkeeping involves the recording, on a regular basis, of a company’s financial transactions (https://corporatefinanceinstitute.com/resources/knowledge/accounting/financial-accounting-theory/). With proper bookkeeping, companies are able to track all information on its books to make key operating, investing, and financing decisions.

Bookkeepers are individuals who manage all financial data for companies. Without bookkeepers, companies would not be aware of their current financial position, as well as the transactions that occur within the company.

Accurate bookkeeping is also crucial to external users, which includes investors, financial institutions, or the government – people or organizations that need access to reliable information to make better investments (https://corporatefinanceinstitute.com/resources/knowledge/finance/investing-beginners-guide/) or lending decisions. Simply put, business entities rely on accurate and reliable bookkeeping for both internal and external users.

Importance of Bookkeeping

Proper bookkeeping gives companies a reliable measure of their performance. It also provides information to make general strategic decisions and a benchmark for its revenue and income goals. In short, once a business is up and running, spending extra time and money on maintaining proper records is critical.

Many small companies don’t actually hire full-time accountants to work for them because of the cost. Instead, small companies generally hire a bookkeeper or outsource the job to a professional firm. One important thing to note here is that many people who intend to start a new business sometimes overlook the importance of matters such as keeping records of every penny spent.

Corporate Finance Institute (https://corporatefinanceinstitute.com/resources/knowledge/accounting/financial-accounting-theory/)

Financial Accounting Theory - Understanding the "Why" of Accounting

Financial Accounting Theory explains the why behind accounting - the reasons why transactions

• Remember, advance stimulus payments received separately are not taxable, and they do not reduce the taxpayer's refund when they file in 2021.

Key filing season dates

There are several important dates taxpayers should keep in mind for this year's filing season:

• January 15. IRS Free File opens. Taxpayers can begin filing returns through Free File partners; tax returns will be transmitted to the IRS starting Feb. 12. Tax software companies also are accepting tax filings in advance.

• January 29. Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.

• February 12. IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins.

• February 22. Projected date for the IRS.gov Where's My Refund tool being updated for those claiming EITC and ACTC, also referred to as PATH Act returns.

• First week of March. Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their tax returns.

• April 15. Deadline for filing 2020 tax returns.

• October 15. Deadline to file for those requesting an extension on their 2020 tax returns

Filing season opening

The filing season open follows IRS work to update its programming and test its systems to factor in the second Economic Impact Payments and other tax law changes. These changes are complex and take time to help ensure proper processing of tax returns and refunds as well as coordination with tax software industry, resulting in the February 12 start date.

The IRS must ensure systems are prepared to properly process and check tax returns to verify the proper amount of EIP's are credited on taxpayer accounts – and provide remaining funds to eligible taxpayers.

Although tax seasons frequently begin in late January, there have been five instances since 2007 when filing seasons did not start for some taxpayers until February due to tax law changes made just before the start of tax time.

Professional services involving the investment, lending, and management of money and assets.

"the firm provides a range of financial services, including tax preparation, insurance coverage, and investment portfolios"

Your business’s balance sheet is an important tool for understanding its financial health, and getting the information you need to make successful business decisions. In this guide, we’ll go through what a balance sheet is, how it’s used, how to understand what it’s telling you, and how to use that information in running your business.

What is a balance sheet?

The balance sheet is one of the three financial statements, along with the P&L statement (https://pilot.com/blog/how-to-read-a-profit-and-loss-statement/) and the statement of cash flows (https://pilot.com/blog/how-to-read-statement-of-cash-flows/). It represents a specific point in time (for example, the balances on December 31, 2020), and shows three categories of information: assets, liabilities, and equity.

• Assets are things that your company owns. This includes cash in your accounts, as well as fixed assets like equipment.

• Liabilities are things that your company owes others. This includes things like credit card debt and vendor bills. Tax obligations can be included here as well.

• Equity is the difference between the two. If your company suddenly sold all assets and paid off all liabilities, equity is the amount that would be left over.

We are excited to announce that we started bookkeeping and tax filing services

-Immigration filing services: Coming soon