Bookkeeping Strategies

Tax season brings recordkeeping weaknesses into sharp focus. Receipts vanish. The mileage log gets abandoned around March. Bank statements can't be located. Credit card charges sit with no explanation.

Before getting into a discussion of common bookkeeping mistakes, it is worthwhile to address the importance of sound bookkeeping in general.

Most professionals have only a vague understanding of what Artificial Intelligence (AI) is or means. Absent an understanding of these capabilities, it is near impossible to have a working knowledge of the opportunities for applying AI to the accounting field.

Most people starting a business start the business because they are good at providing the product or service they are selling. Bookkeeping is usually an afterthought but yet, a realized necessity to be able to provide the goods and services they wish to sell.

The IRS requires you to maintain consistent accounting throughout your fiscal year. You must use a method that clearly reflects your income.