Bookkeeping and Recordkeeping

Your instinct may be to just set up bookkeeping system “from a box” of purchased software or from the Cloud. However, before you set up your system, you’ll want to talk to your AB WATERS about purchasing software that is right for your type of business and easy to use.

AB WATERS can help you design the proper chart of accounts that will give you key information on your business and will save you time in the long run. If you plan to manage your books in-house, making the investment in a system that works with that of your CPA could prove to be more strategic when seeking advice and easier when it comes to closing the year end, generating financial reports and filing income tax returns.

One of the first things you will need to determine is whether to use a traditional paper filing system, an electronic filing system or a
combination of the two. You should carefully consider the pros and cons of each type of system in light of your business needs and resources.

Primary considerations for recordkeeping are:

• Convenience and flexibility

• Reliability

• Security and privacy

• Storage

• Costs

• File location and access control

With your recordkeeping system in place, prepare a procedures manual to use for employee training purposes, and in case of an emergency, someone needs access to the business records.

Contact AB WATERS can help you with the critical decisions in setting up your bookkeeping and recordkeeping systems.