|
|
 |
LCS Business Service can help small business owners save money,
save time and increase sales by allowing you more time to focus on
what’s really important for your business...… making it grow!
12 Renwick Avenue, Kings Park, NY 11754
Phone: 631-544-4447 Fax: 631-544-4448 info@lcsbusiness.com |
|
|
|
As a business owner, we are faced with countless challenges and have developed the confidence and foresight to solve issues as they come along. Within this process, we also learn that we need to rely on others who have the skills and training that we might not. Most business are started by those with an interest or expertise in a specific field, not because of a passion for bookkeeping
Yet, the timely collection and placement of sales and payment information into the correct accounts is among the most important and daunting part of running a successful business.
A large gap exists between running your business and the information you require for planning and tax compliance. This gap is filled by bookkeeping – the placement of all your data into the proper accounts within an accounting system. For close to twenty years of running our business, I have learned the necessity of a good bookkeeping background to accurately place all of our data into the proper accounts within an accounting system.
Many of today‘s accounting packages make it too easy for the entrepreneur to gain a false sense of his/her ability to correctly input and manage this data. The computer inspired cliché “garbage in garbage out” still holds true.
The often mundane task of properly accounting for receivables, payables, assets and the like may well be left for the accountant to figure out once per quarter or possibly once a year at tax time. Not only is this more costly, it deprives the business owner of his/her monthly report card: the income statement and balance sheet.
Senior management’s time is always best spent running the business. Time spent on planning, sales and employee development has immediate payback as does having accurate reporting. Time spent with your accountant should by and large be time for tax and financial planning, not entering a period’s worth of data, well after the close of that period.
Steven H. Reichman is the president of LCS Business Service, Inc. He can be reached at steve@lcsbusiness.com
|
|
| 2008 © Copyright - LCS Business Service. All Rights Reserved. |
|
|
