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We aren't going to try and convince you that bookkeeping is fun, life enhancing, or personally fulfilling. We encounter business owners daily who want to wait and put off their recordkeeping until "later." "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 expenses and purchases, you will most likely lose the ability to deduct them on your tax return. That will increase your taxes. Good documentation is not only required by the IRS, it also protects your assets in the event of litigation.
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