While we don’t have an exact date for the origin of bookkeeping, it is believed that bookkeeping was an established practice as early as 2600 B.C., with Babylonian records providing evidence that financial transactions were indeed recorded. Over the years, the practice of recording the day-to-day economic happenings of a business became commonplace. Today, owners of businesses large and small recognize the value of thorough bookkeeping.
Every tax practitioner in the United States – whether a member of a major accounting firm or an owner of a one-person storefront - is a potential target for highly sophisticated, well-funded and technologically adept cyber-criminals around the world.
Month-end signals the need to tie all your journal entries together into a complete closing, which explains why it also strikes fear in the heart of business owners. Many owners dread this important step all month because they don’t have a clear picture of what they need to do to close correctly. They worry that they will miss an important step or miscalculate something that will substantially influence their financial documents.