Business owners should keep financial records for future reference and to prove their claims if the IRS comes knocking at their door. How long a financial document should be kept depends on what information it records – can be an expense or details related to an action or event. Many accountants, lawyers, and professional bookkeepers recommend keeping records for at least seven years so businesses can substantiate their claim, argument, or opinion in case an individual or organization brings a financial fraud lawsuit against them or can create a tax audit defense in case the IRS launches a financial investigation. [...]

5 Ways Virtual Bookkeeping Can Save You Money And Improve Operational Efficiency

Virtual bookkeeping involves keeping books remotely. Just like traditional bookkeepers, virtual bookkeepers assist their clients with day-to-day financial tasks such as reconciling bank statements, recording transactions, and processing payroll. Here are some compelling reasons to consider virtual bookkeeping services. Virtual Bookkeeping Can Help You Save Money A virtual bookkeeping service can save you money and headaches down the road. The cost of hiring a full-time bookkeeper can be a few thousand dollars. Plus, you must offer benefits to a full-time bookkeeper. When you hire a virtual bookkeeper, you do not need to pay them benefits. Also, a virtual bookkeeper uses [...]

How Long Should I Keep Records For?

5 Ways Virtual Bookkeeping Can Save You Money And Improve Operational Efficiency