Thanks to payment technology designed for small businesses, Peach Acca accounting software is easier than ever for entrepreneurs to manage their business finances, even when they’re on the go.
Accounting & taxes
Create and send professional-looking invoices in seconds. Manage your finance and bookkeeping and save your time running your business. Automated templates and schedules make getting paid even simpler.
Tackle year end like a boss
As the year winds down, you are probably among millions around the country breathing a sigh of relief. If you run a business, you might resolve to stay on top of your records all year so you don’t have to panic at tax time.
Why should I keep records?
Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you do the following:
Monitor the progress of your business
You need good records to monitor the progress of your business. Records can show whether your business is improving, which items are selling, or what changes you need to make. And to get ready for your tax time is get your bookkeeping in order. Good records can increase the likelihood of business success.
Prepare your financial statements
You need good records to prepare accurate financial statements. These include income (profit and loss) statements and balance sheets. These statements can help you in dealing with your bank or creditors and help you manage your business.
- An income statementshows the income and expenses of the business for a given period of time.
- A balance sheetshows the assets, liabilities, and your equity in the business on a given date.
Identify sources of your income
You will receive money or property from many sources. Your records can identify the sources of your income. You need this information to separate business from non business receipts and taxable from nontaxable income.
Keep track of your deductible expenses
Unless you record them when they occur, you may forget expenses when you prepare your tax return.
