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Why is accounting necessary and a vital business tool to the owner/ managers…
Most business are created to support or expand an idea with the purpose of providing a return on the investment of capital and time of its owners or/and managers. For profit business expect to show a profit after covering operational expenses, non for profit entities expect to see their goals satisfied. Both, for profit and non-for profit, need to account for their invested funds; therefore, the necessity for an accounting system. And, of course, they need to file tax returns at the end of their operating year.
But, in addition, and still more important, a good accounting system provides owners and managers with the tools to know what is going on before the operating year becomes history. The American Accounting Association said it best:
accounting is "the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information.”
To this end, any accounting system that provides owner/ managers with the ability to know what is going on, before it is too late, is a necessity.
However, the foundation of any accounting system is the documentation and bookkeeping of the business transactions. Eventually someone has to create files, code entries, and post many transactions for all kinds of the most basics activities: orders, sales, collections & deposits, payments of merchandise and expenses, payroll, taxes, etc. Then, once all these transaction are recorded, comes the challenge of making the resulting information mean something to somebody.
These financial historical reports or/ and financial statements are basically the accounting tools by which owners/ managers should make informed decisions about the present and future of their businesses or organizations. Bankers and lenders, potential investors, the taxing authorities, and other interested parties, expect financial reports to be current and reliable. It is the ultimate responsibility of the owners/ managers to vouch for the accuracy of the financial reports.
However, in most typical small and medium size businesses there is a limited amount of people, time and resources to spend producing financial reports. Other than the basics, keeping up with the business operations and paying the bills, there is little time for anything else. For the most part, by the time the bookkeeping and the accounting are done is because it is time to get the information ready to file the annual tax returns. This is a vicious cycle. Unless, of course, a solution is found… get a bookkeeper or/an accountant to help.
$aved time = $aved money
Finding a bookkeeper or/an accountant to help is not difficult. Finding someone who has the professional experience and the personal chemistry to interact with the owner/ managers and employees is what is not easy. You need to find someone to trust with his or her services and be able to communicate with you about your questions. Someone who understands your business to help in identifying your business trends vs. those in your industry as you go on, before the end of the year, when it may be too late to make decisions.
This is why you want to find someone willing to be able to provide you and your business with professional services, anytime, 24/7.
Consider the services and the information you are getting now. This is why you may need to consider...
eigAccountingServices, LLC
Sincerely/ saludos
Ergo I. Gonzalez 
e-mail reply for more details at: ergo@eigaccountingservices.com