After the fact Bookkeeping
After the fact bookkeeping is a process that is done to re-create the accounting records for a company. This process is started after the close of an accounting period and includes information such as unpaid invoices, outstanding accounts payable, and accrued expenses. With the help of this process, it is possible to see if there are any discrepancies in your reports and find any issues before they become problems.
Additionally, after the fact bookkeeping is extremely useful when it comes to tax season. Knowing the ins and outs of your business’s finances before filing will allow you to catch any errors which will prevent you from paying any penalties or occurring interest when your tax return is sent off to the IRS.