What to Know About Bookkeeping in CT

Most start-up entrepreneurs in Connecticut are so focused on their products or services that they often don’t have the time or the energy to do their own bookkeeping, and that’s perfectly fine—there are plenty of bookkeepers out there who offer to do it on their behalf. But if you’re the type of start-up entrepreneur who likes to be in control of everything, then you’ll need to know a little bit about bookkeeping.

In this article, we’ll share with you every basics you must know about bookkeeping. But first, let’s define the word.

Getting Started: What is Bookkeeping?

Bookkeeping is the process of keeping track of one’s financial transactions either manually or electronically. Bookkeeping is an important part of accounting, and it plays a vital role in the financial health of a business. Its key purpose is to provide accurate financial information that can be used by businesses to make informed decisions.

Bookkeeping in CT: What You Must Know


Running a business can be a lucrative and fulfilling venture, but it’s important to know what you’re getting into before you take the plunge. In this guide, we’ve lined up everything you, as a start-up entrepreneur, needs to know about bookkeeping in “the Constitution State.”

  1. Bookkeeping in CT follows unique accounting rules adopted from other states

In Connecticut, all businesses must use accrual-based accounting. It ensures that revenue-generating activities, such as rendering of services, get recorded when they happen regardless if the client pays in full or not at time being; otherwise known as “impure”, these revenues would show up under later periods, but may give false impressions about growth rates since some customers might have been lost due to lack of payment over longer spans without knowing anything else.

  1. You should have a clear understanding of what bookkeeping entails

Many people view bookkeeping as a tedious and dry task. However, there is also a certain satisfaction that comes from keeping track of finances and ensuring that all the numbers add up. In addition, it can provide valuable insights into the financial health of your business. For these reasons, it is important to have a clear understanding of what it entails.

  1. Hiring a professional bookkeeper is a smart business decision

Any business owner will tell you that running a business is no easy task because there are a million things to keep track of. This is where a professional bookkeeper comes in; a bookkeeper can take care of all of the financial tracking for your business, freeing up your time to focus on other things. In addition, they can give valuable insights on your business finances, helping you to make smarter decisions going forward.

  1. The use of accounting software simplifies accounting processes

Accounting programs have been a great help to businesses in terms of keeping track of their finances. This is because they simplify and automate many accounting processes. They can keep track of inventory levels, automatically generate invoices, and provide financial reports. These programs can also help businesses detect and prevent fraud as they can create audit trails that can be used to track down any irregularities.

  1. Paying taxes can benefit your business in the long run

Entrepreneurs are always looking for ways to save money, and one of the best ways to do that is by paying taxes. While it may seem counterintuitive, paying taxes on time and in full can actually save you money in the long run. Business owners should view taxes as an investment instead of a burden. By ensuring that your business is properly taxed, you can avoid costly penalties and interest charges. Additionally, paying your dues can help you build a good relationship with the government, which can pay off in the form of favorable tax treatment in the future.

Need Help with Bookkeeping in CT? Ricker Duval Can Help

Starting a business is no easy task, and bookkeeping is one of the many important aspects you need to get right from the beginning. Keep in mind that it is an ongoing process—you’ll need to keep track of your finances on a regular basis and make sure your books are up-to-date. If you stay on top of it, bookkeeping can be a breeze.

If you’re looking to take your business to the next level, hiring Ricker Duval LLC for bookkeeping services is a smart decision. We have the experience and knowledge needed to help you keep your finances in order and avoid any costly mistakes down the road. If you’re not sure where to start, don’t think twice about calling us today!