Best Bookkeeping Services in Castle Rock, CO

Consequences of Bad Bookkeeping in Your Business As your Business grows, you inevitably have more fires to put out and issues to deal with. The worst problem that you could be dealing with is cash flow issue. Here are some warning signs to watch out for: 1) You do not know your numbers, so you don't know your business- You must have a solid bookkeeping system to provide timely accurate financials to keep your cash flow moving smoothly. 2) You suffer cash flow problems- If your payables and receivables accurately tracked, you will have a clear picture of your company's cash flow at any given moment. Once that clear picture is lost, you will inevitably suffer from overdrafts, fall short on available credit and see your cash flow dry up completely. 3) You miss tax deadlines-you must have your accounting records updated in a timely manner to keep a simple job from turning into a task of impossible proportion that requires a large number of hours to untangle. This then results in missing tax deadlines, mistakes on your tax return which then can incur tax penalties and potentially triggering an IRS audit. 4) Your Expenses are out of control-you need a clear snapshot to know how much your company is spending against your income at any given moment. 5) You're at Risk of Internal Fraud-All small businesses are vulnerable to internal fraud. The risk of fraud must be mitigated by segregation of duties and engaging accounting professionals in an oversight capacity.