Bookkeeping, the mechanical accounting work of analyzing, recording and summarizing transactions, is critical to every company and organization because:
1) financial statements and tax returns depend on accurate bookkeeping
2) internal controls depend on accurate and timely bookkeeping
3) your CPA depends on accurate bookkeeping, especially at tax time *
4) internal analytics depend on accurate bookkeeping
The type of bookkeeping you need depends on the size and type of your business. The accounting system should be customized to your industry and your organization.
There are many computerized systems, some general and some specific, which can be customized to your organizations. Your CPA may have direct involvement, or less direct involvement, depending on circumstances.
Cheap is not better. Procrastination does not bring results.
*the cost and timeliness of your returns depends on your inputs
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