Chart of Accounts, Balance Sheet, Income Statement, Assets, Liabilities, Equity, Revenue, Cost of Sales and Expenses. Are you on a cash or accrual basis? Most businesses set up their books on an accrual basis and some are required by the IRS to be on an accrual basis. There is no better way to correlate income and expenses to the proper accounting period. The Balance Sheet correctly reconciled is the only way to assure your Income Statement is correct. These records are used to prepare your Income Tax returns, so I know you would want them to be correct, tax savings is a priority for everyone. Are you are you have recorded all the Assets your business owns? Are you missing out on non cash entries such as Depreciation, Amortization and some Interest that reduce your bottom line for tax purposes. Your booked Assets are important in making your Financial Position not only more accurate, but more impressive as your Owner's Equity is increased by the value of what the company owns. Balance Sheet account reconciliations are one of my specialties and are very important. If your bank accounts aren't reconciled every month you will not know if your Income Statement is correct. You need correct information to guide your business, avoid stress, and give you more time to focus on your day to day operations.