PLS Balance My Books: BLOG

Running a small business is a thrilling journey. Every sale, new client, and achievement fuels your passion and drive. But behind every thriving small business lies a strong financial foundation — and that foundation starts with bookkeeping. At PLS Balance My Books, we specialize in helping small businesses stay financially healthy and organized. Whether you’re a solo entrepreneur, a growing startup, or a family-owned business, effective bookkeeping isn’t just about crunching numbers — it’s about empowering you to make smarter decisions, plan for the future, and sleep better at night. In today’s post, we’ll explore why bookkeeping matters, the hidden risks of DIY bookkeeping, and how partnering with a professional can help your business not only survive but thrive. What is Bookkeeping, Really? Bookkeeping is the process of recording and organizing all financial transactions for your business. Every invoice sent, payment received, expense made, or tax filed needs to be accurately t...

Let’s be real—bookkeeping isn’t exactly the most exciting part of running a business. But keeping your finances in order is crucial if you want your business to thrive. Unfortunately, it’s super easy to slip up when you’re juggling a million things. Here are four common bookkeeping mistakes that a lot of business owners make—and how to steer clear of them. 1. Forgetting to Track Your Expenses It happens. You're running around, buying supplies here, grabbing lunch for a client there—and before you know it, your budget's all over the place. Not keeping tabs on your spending can lead to overspending and a totally inaccurate view of your finances. Quick Fix: Start tracking everything, even the little stuff. Use bookkeeping software or even a simple spreadsheet if you prefer. The goal is to get into the habit of recording expenses consistently so you’re never guessing where your money went. 2. Waiting Too Long to Record Income Got paid? Great! But if you forget to jot it down ...

If you run a business, even a small one, it really helps to understand the three main financial statements: the balance sheet , income statement , and cash flow statement . These give you a clear picture of how your business is doing money-wise and help you make smart decisions. Let’s break them down. The Balance Sheet – A Snapshot of Your Business Think of the balance sheet as a photo of your business’s finances at one specific moment. It shows: What you own (your assets): like cash, inventory, equipment, etc. What you owe (your liabilities): like loans, bills you need to pay, etc. What’s left over (your equity): this is the difference between what you own and what you owe. It’s basically your net worth in the business. It’s called a "balance" sheet because your assets should always equal your liabilities plus equity. If they don’t, something’s off. The Income Statement – Are You Making Money? Also known as a profit and loss (P&L) statement, this one covers a period of t...

As a small business owner, you wear a lot of hats—but managing your finances doesn’t have to be one of them. Still, knowing who to turn to for help can get confusing. Should you hire a bookkeeper, an accountant, or a CPA? Each plays an important role in your business’s financial health, but they serve different purposes. Here's a simple breakdown to help you understand who does what—and when you might need them.

Short answer? Yes. Long answer? Absolutely, 100%, no doubt about it. A lot of people think bookkeepers just track receipts and crunch numbers — and yeah, that’s part of it — but there’s so much more to what we do. A good bookkeeper can actually save you money in a bunch of ways. Here’s how: 1. We Find You Tax Deductions You Didn’t Know Existed Taxes can get messy, especially if you’re self-employed or running a small business. One of the biggest perks of having a bookkeeper is making sure everything is organized and you're claiming every deduction you’re entitled to. That means less money going to the government, and more staying in your pocket. 2. We Help You Stop Wasting Money It’s easy to lose track of where your money’s going. We can help you spot areas where you’re overspending and show you how to tighten things up. Plus, we’ll help you stick to a budget that actually works for you. Over time, those savings really add up. 3. We Keep Your Cash Flowing Smoothly You know that awf...