Does this sound familiar?
Ms. Green was in the camp of not attending to her bookkeeping until tax time. With one month left in the year and bank statements on hand, she needed someone to help her organize the last eleven months of business transactions in order to prepare her tax return. After several hours of work and a large CPA bill, we had her information in working order.
Except for a couple of things: She had numerous personal expenses mixed in with business expenses and many expenses in the bank statements we could not identify because they were made with a debit card. All we had were dates and amounts, and Ms. Green didn’t have many of those receipts. Because of the personal aspect of many of the expenses and with no proof, we could not include those unidentified debit card purchases as deductions on her tax return. Ms. Green lost out on hundreds of dollars of business expenses.
Good bookkeeping practices can save you money in the long run. It will also save you a large headache if you don’t let yourself get behind. However, if bookkeeping is the headache, then let us take it on so you can relax and not worry about falling behind.