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What should I know about accounting and bookkeeping? The importance of keeping adequate records cannot be stressed too much. Without financial records, you cannot determine how well your business is doing or where it is going. At a minimum, records are needed to substantiate: Your tax returns under federal and state laws, including income tax and Social Security laws; Your request for credit from vendors or a loan from a bank; and Your claims about the business, should you wish to sell it. What other items do you feel are important for your businesses bookkeeping needs?
Re: http://blog.accountant.intuit.com/?p=14854 A really great article from one woman about how she started her bookkeeping business and the things she does right. I never thought of holding a yearly open house. Hmmm... I might have to think about that!