Common Bookkeeping Mistakes

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

The importance of sound bookkeeping is frequently lost and ignored by management. It is apparent that the main reason management tends to ignore the bookkeeping function is because it is focused on the “big picture.” What management fails to recognize is that there is no “big picture” to look at without bookkeeping first doing its thing in the details.

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Artificial Intelligence Applied to Accounting

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.

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Accounting Methods: Cash versus Accrual

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

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