6 Book Recommendations to Learn Small Business Bookkeeping Basics


Small business owners do it all. Keeping track of business expenses is just one of the many tasks. If you are not a numbers person, this may be difficult. Small businesses often close their doors during their startup years. Bookkeeping is necessary to keep your business running by making sure that everything behind the scenes is moving smoothly. Here are 6 book recommendations to learn small business bookkeeping basics.

To get you started, bookkeeping is primarily broken down into 4 components: 

  • Accounts receivable

  • Accounts payable

  • Bank reconciliation

  • Payroll 


Here is our expert opinion on book recommendations to learn bookkeeping basics for your small business



Deducting The Right Way: Untangling Small Business Accounting & Taxes

The authors of this book work with small businesses, so they have learned a lot over the years. This book has information on taxes, bookkeeping, business management, and so much more. Tax deductions can get confusing. Find out why deducting the right way helps you operate a more profitable business venture.


Quickbooks: A Beginner’s Guide to Bookkeeping and Accounting for Small Businesses

Quickbooks has many benefits for small businesses. Learn about how to set up your Quickbooks account, whether it is old or new. Streamline your business and develop efficiency. You will become a more competitive business using the information discovered in this book. 


Full Charge Bookkeeping, HOME STUDY COURSE EDITION: For the Beginner, Intermediate & Advanced Bookkeeper

This book is written by a CPA that worked his way up through bookkeeping positions. It is a good reading source for bookkeeping at any level. The glossary in the back makes it easy to find anything that you are looking for. 


Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble

This startup-guide covers everything you need to know about being self-employed. There is information that you might not of known about licensing and permits. Taxes and avoiding the IRS are other topics that are talked about.


Accounting Principles: The Ultimate Guide to Basic Accounting Principles, GAAP, Accrual Accounting, Financial Statements, Double Entry Bookkeeping and More

Managing your business finances correctly and efficiently can mean the difference between business success and failure. This book discusses accounting methods, budgeting to make it big, payroll accounting, and much more.


Bookkeeping Basics for Entrepreneurs: Taking the Mystery Out of Your Company’s Financials

If you are feeling overwhelmed about bookkeeping for your small business, this is the right book for you. There are quick and easy steps that will help you simplify your bookkeeping. All the accounting terms are straightforward and uncomplicated. 


Small Business Bookkeeping Basics

Laws related to bookkeeping are always changing. It is best to ask a professional if you are unsure or cannot find the answer yourself. 


PL Consulting is not your everyday bookkeeping firm; it is a tailored answer to all of your bookkeeping needs. We believe in customizing your experience with specialized and professional services, while also offering support for future planning and productivity. 


If you would like to set up an appointment, call us at 410-764-3731 or book a time with us at https://calendly.com/michaelplc.


Do Not Make These Mistakes on Your Taxes Next Year


Tax day is always April 15th – besides this previous year, of course! Even though that date seems far away, it is never too early to be ready for the time of the year that everyone dreads. 


Prepare yourself and your small business for next year’s tax season so it runs smoothly. Do not make these mistakes on your taxes next year.


dont make these mistakes

Income Reports

Inaccurate income reports are a big mistake that is often made in small businesses. Do not fail to report income or accidentally over-report your income. The IRS has access to the information that you are trying to withhold. Throughout the rest of 2020, make sure that all income reports are correct by double-checking them. 


Small Business Tax Deductions

Small businesses have the opportunity to claim tax deductions. By writing off certain expenses, your small business should owe less in taxes. 


The IRS says that business expenses must be ordinary (common in your industry or trade) and necessary (needed to run the business). Expenses must be for business, not for personal use. Below are a few tax deductions that small business owners should keep track of.


  • Car and truck expenses
  • Salaries, wages, and contract labor
  • Supplies
  • Depreciation
  • Business rent
  • Utilities
  • Insurance
  • Repairs


This article goes in-depth about expenses that can be considered a tax deduction


Personal vs. Business Finances

Small business owners commonly mix up their personal and business expenses. Although it may seem easier to keep everything in your personal account, it causes problems during tax time. This might cause you to overlook a small business deduction. Avoid mixing these expenses by opening up separate accounts.


File On Time

This might seem like an easy decision, but make sure to file your taxes on time. Steer clear of problems caused by late taxes by asking for a filing extension. 


PL Consulting Will Prepare You For Tax Season

We want to help small businesses in any way that we can. We hope that you can take these suggestions and implement them in your business as soon as possible. 


We are experienced in all facets of tax preparation. We ensure that you consider all of your legal deductions so you realize your full tax benefit. Our comprehensive interview techniques and computerized return preparation process assure that your return is complete, correct, and presented to you promptly.


We help structure transactions to minimize the legitimate amount of tax you pay. Through careful evaluation, we help plan your tax obligations for the entire year so there are not any surprises at tax time. We can explain the tax structure so you know where your money is going. 


Along with tax return preparation services, we offer a diverse range of bookkeeping and budgeting services. We are here as your business’s go-to resource when you have questions. Our services are customized to each of our clients and their business plans. 


If you have questions about tax preparation, call us at 410.764.3731 or book an appointment through https://calendly.com/michaelplc.