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Salt Lake City Bookkeeping Blog

Personal Bookkeeping; Why You Need It.

Posted by Matt Roberge on Jul 2, 2012 2:03:00 PM

Unless you live on an isolated Pacific island where you’ve established a system of bartering for basic necessities with local natives, chances are you need personal bookkeeping services. Regardless of how large or small your income may be, the size of your household or the number of bills you must pay each month, there is a certain amount of numerical savvy required to calculate and categorize your expenditures – and that’s just bookkeeping on the most basic level. Some people assume they have their personal finances under control, but there are many benefits to bookkeeping services that you may not have previously considered.

Improving the Bottom Line – A household is a lot like a small business, and the head of the household is always searching for new ways to increase income while decreasing expenditures. By keeping more precise records of the money that comes into and out of your home, you can see where you’re spending unnecessarily and minimize those expenses.

Ease of Taxes – The date April 15th seems to strike fear in the heart of every American. In a way, it’s financial judgment day. If you’ve been doing a good job with your personal bookkeeping, completing your taxes should be much simpler. In fact, the better you are with keeping track of your funds and where they’ve gone throughout the year, the better your chances of reporting all deductions and enjoying a better refund (or at least a lower payment.)

Peace of Mind – Have you ever woken up in the middle of the night in a cold sweat thinking, “Did I pay the power bill?” If you utilize a personal bookkeeping service or software, you can drift comfortably back to sleep knowing your bill has been paid. Keeping everything recorded means staying organized, and staying organized means avoiding late fees. In other words, personal bookkeeping can save you from wasting time, money and plenty of future headaches.

What sorts of personal finance tools have you been using to stay on track?    






Topics: Bookkeeping Services, Personal Bookkeeping, Small Business Bookkeeping