Accounting and Bookkeeping — Denver, Colorado
Well-managed financial records can keep your company running strong
Proper accounting and bookkeeping are imperative to keeping your Denver-area business strong, but it often feels like they require a different skill set than running your business and take up time you could use for company growth.
That’s because they do.
Not everyone is qualified to keep the books for your business, and entrusting that job to the wrong person can spell disaster for your company. There is always the risk of understating income or overstating expenses or even worse, over-reporting income and understating expenses, which can result in an unnecessary tax bill.
I started my business in 2014 and had never been good at keeping track of my expenses.The True Resolve team came in and helped get my bookkeeping caught up and back on track. They now continue to help me keep things caught up so I can plan for my business better. This has been an invaluable service that I will continue to use for as long as I have my business.~ Erik S., Colorado
Differences Between Accounting and Bookkeeping
Bookkeepers and accountants work in tandem to record your company’s financial transactions and prepare specialized statements to analyze and report the health and well being of your organization to internal and external stakeholders. But their roles are different.
Bookkeepers are the record-keepers of your business. They help you manage your cash flow, and keep track of the information and documents you need to do your taxes, report how well your company is performing and simplify the business planning process.
Accounting professionals interpret your company’s operations and finances and are a guiding force in making sound business decisions, such as determining if your sales are in line with your budget. Accounting helps guide your company’s future and communicates the well being of your organization to external audiences, such as investors and creditors, and your strengths and weaknesses to your employees.
Impact of Bad Bookkeeping on Your Business
Here are some ways that poor bookkeeping can impact your business and your commercial credit rating:
- Your company might be turned down for financing or certain lines of credit due to poor bookkeeping practices.
- You may experience inventory shortages or overages. If you are unable to meet the demand for certain items, your company may lose sales or fall short of annual goals. If you carry a large amount of inventory, your business could be losing profits to this inventory cost.
- Flawed bookkeeping records can lead to tax issues with the Internal Revenue Service as well as state and local government agencies, which may result in late fees and other penalties.
- If your accounts payable is unorganized, you’re more likely to make late payments to your creditors, which can result in a hit to your commercial credit rating.
- If your accounts receivable is unorganized, you could be missing collecting money owed to
you or letting overdue accounts go unnoticed.
- Poor bookkeeping can mean your employees receive inaccurate year-to-date earnings on their pay stub or W-2 or incorrect wages in their regular paycheck.
- Your company could incur overdraft fees and late payments and risk an account closure status if its commercial banking records are poorly managed.
True Resolve Accounting and Bookkeeping Services
The True Resolve Tax Professionals team includes certified bookkeepers to ensure your business operates more efficiently by helping you stay on top of key business data and accounting for every asset, expense and dollar received.
To support your accounting needs, our firm will prepare everything from financial statements to compilations and reviews. We will also help you pay bills, record transactions, generate financial reports, and prepare payroll tax reports using your own accounting system or by helping you use the latest accounting programs to ensure your finances are well managed.
Our bookkeepers are QuickBooks Certified, but we have experience working with other software as well. We make it our business to know how old and new programs will benefit your company.
True Resolve will also help you prepare for tax season by working with your tax preparation service to ensure your tax filings are completed in a timely fashion or by acting as your tax preparer of record. Our experts will also work to ensure your business won’t face any unnecessary tax-related expenses.
We offer daily, weekly, semi-monthly, monthly, quarterly or annual bookkeeping services depending on the needs and size of your business.
A Dedicated Team of Experts
True Resolve’s accounting and bookkeeping services are customized to the needs of your business whether that’s reconciling your accounts, invoicing or billing, processing payments, or paying bills. Our Denver-based team of experts will support your unique business needs using the very latest accounting technology. Contact us today to learn how we can help organize your financial records and save you money.