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Bookkeeping is important to help you maintain accurate financial records. However, many businesses fail to implement this integral process. You are required under law to maintain accurate books and records. Doing this will also save you from frustration later on!

In fact, “poor accounting” is one of the top reasons businesses fail. Without bookkeeping or accounting, you are blindly running your business. 

Still not convinced that your focus needs to be on bookkeeping? Below are just a few reasons why bookkeeping is important:

1. Bookkeeping Helps You Budget - When income and expenses are properly organized, it makes it easier to review financial resources and expenses.
2. Tax Preparation - You can have financial information ready for tax time. Instead of scrambling for receipts or invoices, all of your financial information is organized on one central system. 
3. Organization - Being organized is a skill every business owner should have. You should be able to find information regarding your business at any time. There are a few parties that are interested in your company’s financial records – the IRS,  employees, customers, investors, and lenders. Being able to provide the information requested by these parties are vital to your ongoing operation. 
4. Analysis - Business analysist is a tool used by management to analyze business performance. The product of bookkeeping is financial statements which should be regularly generated and used for analysis. While analyzing financial statements, you can track your cash inflows and outflows.
5. Easy Reporting to Investors - Investors want to know the financial performance of your business to be able to want to quantify the value of their investment. The balance sheet, income statement, and cash flow statement all present the value of your business.
6. Financial Management - Take control of your business’ finances. Bookkeeping paints a clear picture of how you spend money. It's this delicate balance of cash inflow and outflow that will keep your business going.
7. Peace of Mind - Disorganized books can weigh heavy on your mind as a business owner. With all of the other factors of running a business, your bookkeeping should not be keeping you up at night.
8. Easier IRS Audit - In the unfortunate circumstance, you are audited by the IRS, you want to make sure your books are in order. Messy books prolong the auditing process, making your business more susceptible to fees and penalties.

Bookeeping also allows you to make better business decisions, track growth and profit, and plan for the future of your business. It can lead to better cash flow, peace of mind, and provide a snapshot of your business. The law also requires you to keep financial records seperate from your personal expenses.

Call us today! Let us help you and your business thrive.

The general purpose of financial statements is to provide information about the results of operations, financial position, and cash flow of an organization. This information is used to make decisions regarding the allocation of resources.

There are 3 main types of financial statements that are important to your business. They are:

1. Income Statement - shows revenues, expenses, and profit or loss for the period of times.
2. Balance Sheet - shows the balance of assets, liabilities and equity at the end of a time period. 
3. Statement of Cash Flow - shows the movement of an entity’s cash during the period.​​​

Because of the ins and outs of various laws and the IRS, payroll is no small feat for any business owner, big or small. During the growth of your business you may have tried to cut cost by doing more on your own. However, we know how precious the gift of time is to the success of a business. We offer the best payroll solutions in order to meet your business needs and take care of your employees. Alleviating you of this stress allows for more time to focus on what is most important, your evergrowing business. That being said, we also know the value of a dollar and how tempting it may be to skip out on hiring someone else to do this task. So, why should you outsource your payroll? Simple... 

1. It's more cost effective in the end. When you outsource payroll, you are able to use each member of your staff in a more vital and efficient manner. This reduces overhead by removing the demand to hire specialized employees. 

2. It saves time! No more data entry, no more spending hours researching updated or new laws, and no more burden of customizing and updating your own payroll system. 

3. Cut the stress. Calculating and filing your own payroll taxes can be risky and stressful. Allowing a professional to do this for you eliminates this risk and can provide you with peace of mind. 

4. Allows you to focus more on your employees, business, and self. Kim Clenney & Company is a team of professionals who will take care of you and your company so that you can focus on what is most important. 

5. We provide you with comprehensive payroll reports that are user friendly and easy to understand. You will always stay in the loop and know every detail about the payroll for your company. After all we work for YOU! 

Managing a non- profit, while rewarding, can create a bit of confusion during tax season. Here at Kim Clenney & Company we have extensive experience in assisting with the preparation and assembly of all of the necessary documents and can help with all phases of non-profit accounting.

Being a non-profit organization, the IRS has very specific reporting requirements that have to be met each year in order to continue to qualify for tax-exemption status. This includes submitting Form 990 and its relations, which includes a number of specific items such as:

• An Income Statement providing category breakdowns on donations, salaries paid, rent, postage and more. Revenues and expenses also need to be broken down in detail.
• A Balance Sheet that accounts for cash, accounts payable and accounts receivable and more.
• A Functional Expense Statement that provides information on all expenses related to fundraising, program services provided and general operations.
• An Individual Program Expense Statement spelling out each program or service’s expenses, including any mailings that are sent out or educational programs that have been held.
• Detailed Revenue Support Schedules providing information on the sources from which the organization gets its income, including a breakdown of specific category revenues for membership fees, donations, investment revenue and the like.