How does Bookkeeping work?

The process of doing your own or giving someone else the responsibility is tedious and can be time consuming.

Going At it Yourself

  • Learn the Basics for Your Industry
  • Choose an efficient accounting software
  • SEPERATE YOUR PERSONAL AND BUSINESS
  • Create Your Own Records (Payroll, Invoices, Debts)

Outsourcing?

  • Give Access to Financial Accounts or Bank Statements
  • Answer Bookkeeper’s Questions about scope of your business
  • Prodive with necessary info to understand your business process
  • Give previous tax returns

Bookkeeping is one of the oldest professions in the world! They offer support and guidance for any type of business.

Bookkeeping is recording and assigning financial transactions, journal entries, posting to ledgers and so much more. Bookkeeping is determing what systems to use, software to use, and essentially what expenses need to go. Bookkeepers are the tires to a car or the key to the door.

How Can Bookkeeping Help Your Business?


  • It’s Cost Effective!!
  • Helps you (business owner) stay in compliance
  • More time to make money
  • Expertise
  • Huge help during Tax Season
  • Reduces Stress, Error & Fraud
  • Accuracy

It’s time to hire a Bookkeeper when you’re too busy to do it yourself.

Check Out the Latest Post

How does Bookkeeping work?

The process of doing your own or giving someone else the responsibility is tedious and can be time consuming. Going At it Yourself Learn the Basics for Your Industry Choose an efficient accounting software SEPERATE YOUR PERSONAL AND BUSINESS Create Your Own Records (Payroll, Invoices, Debts) Outsourcing? Give Access to Financial Accounts or Bank StatementsContinue reading “How does Bookkeeping work?”

Obtain Consistency!

By enlisting a Bookkeeper or even an Accountant, not only are you helping to grow their business but it’s their job to help you grow yours! Alot of people believe they need an Accountant as soon as they start a business and in some cases that’s true, but not having anyone is worse. Based on the few clients I endured while I was a W2 wage earner, 37% had to pay penalties to the IRS as of the beginning of 2021.

No One’s Saying You Can’t …

By outsourcing, it means you, the business owner is at a level where it’s no longer smart to do your own books! Not every business is scalable but, every business has the potential to grow. Of course, you can do it yourself as well!

Behind every good business is a great entrepreneur, behind them is a financial expert.

The Value…

Bookkeeping hels a business stay in full control of it’s finances, overhead and taxes. Bookkeepers free your time while Accountants do far more than letting you focus on other things. Poor bookkeeping or none at all, is the leading reason business fail. It’ not exciting but it’s necessary.

Do you dread doing your books? At Assist And Align you won’t have to stress nor worry when it comes tax time. By maintaining balanced financials throughout the year your financial journey will be smooth and simple in the end!

Watch Out for Bad Bookkeepers

You need a Bookkeeper that has a clear understanding on how to help small businesses. What makes one a bad Bookkeeper? It’s fairly simple…

Things to Watch Out For…

Takes a While to Respond Back

There’s nothing more frustrating that someone not getting back to you in a timely manner. It should not take your Bookkeeper more than 3 business days to get back to you! There are some exceptions like, vacation, emergencies, things of that nature, but if your Bookkeeper is not meeting your needs in a good time, they may be doing the bare minimum, something unethical, etc. It’s okay to demand transaprency, especially when it comes to your money!

Don’t Know the Ins and Outs of Bookkeeping

It’s imperative that you don’t choose the cheapest person you can find, becuase you may “get what you pay for”. Finding an experience Bookkeeper may be harder than one knows. Bookkeepers are not “one size fits all”, just as not all businesses are the same. Getting a professional who is an expert in your field is your best option. Make sure they’re certified, educated or experienced.

Don’t Give Access to See Your Books

This is a major red flag! As the business owner, you should have access to the software and your books regardless of if you pay the subscription. It’s not safe to work with a Bookkeeper that gatekeepers or is so secretive of their work. It makes transparency impossible!

Photo by Daniel Frank on Pexels.com

Not asking the Right Questions

There should be a system in place to ask necessary questions. Question along the lines of identifying the problem or challenge , type of business, more detail about business, number of accounts and types, and expectations…

Slow to Produce Financial Statements

Your Bookkeeper should provide access to financial statements for the prior month, no later than the middle of the next month. This is important, because it can become annoying to ask your Bookkeeper for these statements when you need them and they take a while to produce them. You Bookkeeper is doing their job when you know when to expect these documents without having to ask.

Don’t Provide Suggestions

Businesses should provide better business practices willingly, because happy client makes a happy bookkeeper. Its their job to consult with you on new policies that may affect your business as well as ways to save your money.

Photo by Sizwe Shabalala on Pexels.com

Accounts Aren’t Balanced, Organized and Updated

By this point, the is a deal breaker. If your account aren’t ready for the next cycle by the middle of the next month, you’re better off keeping the fee you pay your Bookkeeper and paying your kid to do it for you. It’s never okay to be behind on your books! Your business can’t grow or scale if you don;t have clean books; you’d have to wait to get funding, wait to find out your sustainability and you won’t be able to plan for the future.

This is the overall goal of Bookkeeping! This information should be stored in a server from start to finish, or to when the business started making money.

Miss Deadlines

Deadlines = Efficiency! When Bookkeepers are inable to work in certain paramaters, it shows that maybe they’re not in the right profession. Missing deadlines can cause late fees, penalties and a loss of business. This will slow the business down tremedously.

Are Bookkeeping Fees Tax Deductible?

Deducting Legal & Accounting Fees

Yes, you can deduct your bookkeeping fees as a business expense on your tax return. These expenses lower your taxable income, meaning the less money you’re liable to pay to the IRS.

Check out my Downloadable File for common business deductions!

TIME IS MONEY!

When you’re reaching out to professionals to help you with your business, the consultation, the meeting, any other factors that made the conversation possible, is tax deductible. Let’s say you use your personal cell phone for business, that business percentage of your phone is tax deductible.

So what does that look like?

By using your data plan and phone to reach out to professionals, customers and vendors for your business, the business portion of the total usage is deductible. This applies to a home office, car + car expenses, health insurance, and so much more.

Everyone wants to pay less money in taxes, to best achieve this, seek the professional guidance from tax, accounting and bookkeeping experts! By consulting with an advisor, they will save you money and the money you pay them will lower your taxable income! It’s a win, win!

Check Out the IRS updated link, on all business expenses that you can report!

https://www.irs.gov/publications/p535#en_US_2020_publink1000208843

It’s Coffee Day!

Did you know you can get free coffee today!

Today only, coffee shops and franchises have promo codes and offers on COFFEE!

iS cOFFEE a tAX DEDUCTION?

As a small business owner, you CAN deduct coffee as a business expense if:

~ Coffee is reasonable and necessary
~ You are tracking coffee expenses
~ Coffee is a fringe benefit employees
~ Purchased and provided to business employees
~ Coffee is provided to improve productivity
~ You host a business meeting in person over coffee
~ Coffee is provided to provide a better work environment
~ You’re Buying for your home office

Coffee for the office is tax deductible!

Now, if you’re a w2 wage earner, coffee is not a tax deduction. If you get coffee on the way to work, it’s not a business expense.

For 2021, it’s 100% deductible!