Catch-Up Bookkeeping

Catch Up / Retroactive Bookkeeping: GotAccountants.com specializes in bringing companies up to speed with their financial record-keeping, even if it has been neglected for several years. We take the stress and burden off your shoulders, allowing you to focus on your business while we handle the meticulous task of catching up your books.

Reconciliation: Our professional team will meticulously analyze and reconcile your financial records, ensuring that all discrepancies are addressed, and your records are accurate and reliable.

Balance and General Ledger Sheets: We’ll provide comprehensive balance and general ledger sheets, giving you a clear overview of your company’s financial position.

Categorizing Transactions and Journal Entries: Never worry about the organization of financial transactions again. We’ll categorize and record all transactions accurately, providing clear and detailed journal entries for your reference.

Setting up Chart of Accounts: GotAccountants.com, will set up a customized chart of accounts tailored to your business, ensuring that your financial information is organized in a way that makes sense for your specific needs.

Profit and Loss Analysis: Understanding your business’s profitability is crucial. We provide detailed profit and loss analysis to help you make informed financial decisions.

Monthly Bookkeeping: Our flexible monthly bookkeeping services start at $89/month, offering ongoing support to keep your books current and accurate.

Catch-Up Bookkeeping Starting at:

Importance of Catch-Up / Retroactive Bookkeeping:

Missed Tax Deductions: One of the most significant consequences of neglecting proper bookkeeping is the potential for missed tax deductions. Without accurate and up-to-date financial records, businesses may fail to take advantage of legitimate deductions that could significantly reduce their tax liabilities. From business expenses to charitable contributions, there are numerous deductions that can be easily overlooked without meticulous bookkeeping. As a result, businesses may end up paying more in taxes than necessary, ultimately impacting their bottom line.

Inflated Expenses: Improper bookkeeping can also lead to overstatements of expenses, which can distort a business’s financial position and performance. Without a clear understanding of the true costs of operations, businesses may inadvertently inflate their expenses, leading to inaccurate financial reporting. This can not only misrepresent the financial health of the business but also raise red flags during tax audits. Overstating expenses can trigger suspicion from the IRS and may result in penalties and fines if discrepancies are identified.

Potential IRS Audits: Perhaps the most daunting consequence of neglecting proper bookkeeping is the potential for IRS audits. Inaccurate or incomplete financial records can raise concerns about the integrity and reliability of a business’s tax filings. As a result, the IRS may choose to conduct a thorough examination of the business’s financial records, which can be time-consuming, costly, and disruptive. Moreover, if discrepancies are uncovered during an audit, businesses may be subject to fines, penalties, and even legal consequences, further adding to the financial and reputational burdens.

Why Proper Bookkeeping Matters: Given the significant risks and consequences of neglecting proper bookkeeping, it is essential for businesses to prioritize this aspect of financial management. Accurate and up-to-date bookkeeping not only helps businesses claim all eligible tax deductions but also provides a clear and transparent view of their financial health. It enables businesses to make informed decisions, demonstrate compliance with tax regulations, and avoid the pitfalls of inaccurate financial reporting.