As a business owner you understand the value of time and are constantly looking for ways to reduce administrative tasks, especially when it involves saving money. That being said, at All Access Books, we don’t want to try and convince you that bookkeeping is fun, life enhancing, or even personally fulfilling, but what we do want to convince you of is the overall impact it has on you and your business. We encounter business owners daily who want to wait and put off their recordkeeping until "later." The problem is, "later" rarely happens until it's “too late.” By then you are buried under a pile of papers, overwhelmed by the immensity of the task, being threatened by the IRS for late filing, and fearful that creditors are lurking at your door.

Please take bookkeeping seriously, it can mean the difference between success and bankruptcy. It can also mean literally thousands of extra dollars for you every year. That is because documentation is required by the IRS in order to take advantage of the myriad of deductions that are available to business owners.

If you don't properly record your daily financial activities, you will most likely lose the ability to deduct them on your tax return, which in turn will increase your tax burden. Remember, good documentation is not only required by the IRS, it also protects your assets in the event of litigation. Your business is given certain rights and privileges by Congress, but if your end of the bargain is not upheld all of those rights and privileges can be revoked and penalties, fines and even jail time can be assessed. There is a fine line between poor recordkeeping and tax evasion; and your books being in order is the best defense in every situation.